Cheniere Energy has entered into a liquefied natural gas (LNG) sale and purchase agreement (SPA) with Spanish utility Gas Natural Fenosa under which Gas Natural Fenosa has agreed to purchase approximately 1.5 Mt/year (2 bcm/year) of LNG from the second train of Corpus Christi LNG. The Corpus Christi Liquefaction Project is being designed and permitted for up to three trains, with aggregate design production capacity of 13.5 Mt/year of LNG. Under the SPA, Gas Natural Fenosa will purchase LNG on a free on board (FOB) basis for a purchase price indexed to the monthly Henry Hub price plus a fixed component. LNG will be loaded onto Gas Natural Fenosa's vessels. The SPA has a term of 20 years commencing upon the date of first commercial delivery of the second train of the Corpus Christi Liquefaction Project, with an extension option of up to ten years. Deliveries from Train 2 are expected to occur in 2019.
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