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Industry Brief

Spain's Endesa SA has signed a second, smaller sale and purchase agreement (SPA) with Cheniere Energy Inc. unit Corpus Christi Liquefaction LLC for 0.75 million tonnes per annum (mtpa) of liquefied natural gas (LNG) at the terminal Cheniere is developing on the Texas coast. The SPA is in addition to a previously signed SPA under which Endesa will purchase 1.5 mtpa of LNG (see Daily GPI, April 2), bringing the total quantity of LNG sold to Endesa under the two agreements to 2.25 mtpa. The Corpus Christi Liquefaction Project is being designed and permitted for up to three trains, with aggregate design production capacity of 13.5 mtpa of LNG. As with the earlier SPA, Endesa will buy LNG on a free on board basis for a price indexed to the monthly Henry Hub price plus a fixed component. The SPA has a term of 20 years commencing upon the date of first commercial delivery and an extension option of up to 10 years.

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