IPM Agreement with ARC Resources expected to
support Sabine Pass Expansion Project and secure increased LNG
supplies into Europe
Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG) and
Cheniere Energy Partners, LP (“Cheniere Partners”) (NYSE American:
CQP) announced today that Sabine Pass Liquefaction Stage V, LLC
(“SPL Stage 5”) has entered into a long-term Integrated Production
Marketing (“IPM”) gas supply agreement with ARC Resources U.S.
Corp. (“ARC Resources”), a subsidiary of ARC Resources Ltd. (TSX:
ARX), a leading natural gas producer in Canada.
Under the IPM agreement, ARC Resources has agreed to sell
140,000 MMBtu per day of natural gas to SPL Stage 5 for a term of
15 years, commencing with commercial operations of the first train
(“Train 7”) of the Sabine Pass Liquefaction Expansion Project (“SPL
Expansion Project”). SPL Stage 5 will pay ARC Resources an
LNG-linked price for its gas, based upon the Dutch Title Transfer
Facility (“TTF”) price, after deductions for a fixed regasification
fee, fixed LNG shipping costs and a fixed liquefaction fee. The IPM
agreement is subject to, among other things, a positive Final
Investment Decision with respect to Train 7. The LNG associated
with this gas supply, approximately 0.85 million tonnes per annum
(“mtpa”), will be marketed by Cheniere Marketing International LLP
(“Cheniere Marketing”, a subsidiary of Cheniere).
“This is the second long-term IPM agreement between Cheniere and
ARC Resources, and further progresses the commercialization of the
SPL Expansion Project. This agreement will enable Cheniere to
deliver increased quantities of Canadian natural gas to Europe,
where energy security has never been more important,” said Jack
Fusco, Cheniere’s President and CEO. “We are pleased to build upon
our existing long-term relationship with ARC Resources, and further
demonstrate Cheniere’s ability to construct innovative solutions
that help meet the needs of customers and counterparties along the
LNG value chain while delivering value to our stakeholders.”
“Canadian natural gas can play a critical role in helping to
meet growing global energy demand,” said Terry Anderson, President
and Chief Executive Officer, ARC Resources. “Through this
agreement, we are advancing our LNG strategy and delivering
low-cost, low-emission natural gas to consuming regions in Europe –
the first long-term arrangement of its kind for a Canadian
producer. We are pleased to further our long-term partnership with
Cheniere and bring more responsibly produced Canadian energy to the
world.”
In addition to the IPM agreement announced today, Cheniere
Marketing has entered into an LNG sale and purchase agreement
(“SPA”) with OMV Gas Marketing and Trading GMBH (“OMV”), a
wholly-owned subsidiary of OMV AG. Under the SPA, Cheniere
Marketing will supply OMV with up to 12 LNG cargoes per year, or
approximately 0.85 mtpa of LNG, at a TTF-linked price commencing in
late 2029. The LNG will be sold to OMV on a delivered ex-ship
(“DES”) basis at the Gate LNG Terminal in the Netherlands where OMV
holds regasification capacity.
The SPL Expansion Project is being developed with a production
capacity of up to approximately 20 mtpa of total LNG capacity,
inclusive of estimated debottlenecking opportunities. In May 2023,
certain subsidiaries of Cheniere Partners entered the pre-filing
review process with respect to the SPL Expansion Project with the
Federal Energy Regulatory Commission under the National
Environmental Policy Act.
About Cheniere
Cheniere Energy, Inc. is the leading producer and exporter of
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 total production capacity of approximately 45 mtpa of LNG in
operation and an additional 10+ mtpa of expected production
capacity 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 September 30, 2023, filed with the Securities and
Exchange Commission.
About ARC Resources
ARC Resources Ltd. is a pure-play Montney producer and one of
Canada's largest dividend-paying energy companies, featuring
low-cost operations and leading ESG performance. ARC Resources
Ltd.'s investment-grade credit profile is supported by commodity
and geographic diversity and robust risk management practices
around all aspects of the business. ARC Resources Ltd.'s common
shares trade on the Toronto Stock Exchange under the symbol
ARX.
About OMV Aktiengesellschaft
With Group sales revenues of €62bn and a workforce of around
22,300 employees in 2022, OMV is amongst Austria’s largest listed
industrial companies. In Chemicals & Materials, OMV through its
subsidiary Borealis, is one of the world’s leading providers of
advanced and circular polyolefin solutions and a European market
leader in base chemicals and plastics recycling. Together with its
two major joint ventures – Borouge (with ADNOC, in the UAE and
Singapore) and Baystar™ (with TotalEnergies, in the US) – Borealis
supplies products and services to customers across the globe. OMV’s
Fuels & Feedstock business produces and markets fuels as well
as feedstock for the chemical industry, operates three refineries
in Europe, and holds a 15% stake in a refining joint venture in the
UAE. OMV operates around 1,700 filling stations in eight European
countries. In the Energy segment, OMV explores and produces oil and
gas in the four core regions of Central and Eastern Europe, Middle
East and Africa, North Sea, and Asia-Pacific. Average daily
production in 2022 amounted to 392 kboe/d. Its activities also
include the Low Carbon Business as well as the entire gas business.
OMV intends to transition from an integrated oil, gas, and
chemicals company to become a leading provider of innovative and
sustainable fuels, chemicals, and materials, while taking a leading
global role in the circular economy. By switching over to a
low-carbon business, OMV is striving to achieve net zero in all
three Scopes by 2050 at the latest. OMV shares are traded on the
Vienna Stock Exchange (OMV) and as American Depository Receipts
(OMVKY) in the US.
Forward-Looking Statements
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
regulatory authorization and approval expectations, (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 Cheniere’s capital deployment, including
intent, ability, extent, and timing of capital expenditures, debt
repayment, dividends, share repurchases and execution on the
capital allocation plan. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231128040067/en/
Cheniere Energy, Inc. Investors
Randy Bhatia 713-375-5479 Frances Smith 713-375-5753
Media Relations Eben Burnham-Snyder
713-375-5764 Bernardo Fallas 713-375-5593
Cheniere Energy Partners (AMEX:CQP)
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