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PetroChina signs long-term SPA with Cheniere for 2.5 bcm/year of LNG (US)

The Chinese state-owned oil and gas company PetroChina, the list arm of CNPC, and US LNG exporter Cheniere Energy have signed a long-term sale and purchase agreement (SPA), in which PetroChina International Company, a subsidiary of PetroChina, will buy 1.8 Mt/year (2.5 bcm/year) of LNG from Cheniere’s 15 Mt/year Corpus Christi LNG terminal in Texas (United States). Deliveries will begin in 2026, before reaching the full 1.8 Mt/year in 2028 and will continue until 2050, making it the current longest supply agreement for Cheniere.

Half of the total volume, or approximately 0.9 mt/year, is subject to Cheniere making a positive final investment decision to construct additional liquefaction capacity at the Corpus Christi LNG terminal beyond the seven-train Corpus Christi Stage 3 Project.

In June 2022, Cheniere Energy made a positive Financial Investment Decision (FID) on a 10 Mt/year expansion project at its Corpus Christi liquefaction and export LNG terminal project in Texas. Construction started earlier in 2022 under limited notice to proceed. The Stage 3 project will include 7 smaller LNG trains of more than 1.4 Mt/year each.