Cheniere Announces Substantial Completion of Train 2 at the Corpus Christi Liquefaction Project
Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG) announced today that Substantial Completion of Train 2 of the Corpus Christi liquefaction project was achieved on August 28, 2019. Commissioning is complete and Cheniere’s EPC partner Bechtel Oil, Gas and Chemicals, Inc. (“Bechtel”) has turned over care, custody, and control of Train 2 to Cheniere.
Cheniere, its subsidiaries, and Bechtel have now declared Substantial Completion on seven liquefaction trains at the Corpus Christi liquefaction project and the Sabine Pass liquefaction project ahead of each train’s guaranteed completion date and within project budgets.
Under sale and purchase agreements (“SPAs”) with Électricité de France, S.A., Iberdrola, S.A., Naturgy Energy Group S.A., PT Pertamina (Persero), and Woodside Energy Trading Singapore Pte Ltd, the date of first commercial delivery is expected to occur in May 2020, upon which the term of each of these SPAs commences.
With the achievement of Substantial Completion, financial results of LNG sales from Train 2 going forward will be reflected in the statement of operations of Cheniere and its applicable affiliates.
Cheniere Energy, Inc. is the leading producer and exporter of liquefied natural gas (LNG) in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with expected adjusted aggregate nominal production capacity of up to 45 million tonnes per annum of LNG operating or under construction. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, and Washington, D.C.
For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, filed with the Securities and Exchange Commission.
This press release contains certain statements that may include “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, and (vii) statements relating to the amount and timing of share repurchases. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.