HOUSTON, March 31, 2017 /PRNewswire/ -- Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE MKT: CQP) today announced that Substantial Completion of Train 3 of the Sabine Pass liquefaction project in Cameron Parish, Louisiana (the "SPL Project") was achieved on March 28, 2017. Commissioning has been completed and Cheniere Partners' EPC partner Bechtel Oil, Gas and Chemicals, Inc. is turning over care, custody, and control of Train 3 to Cheniere Partners.
Under a sale and purchase agreement ("SPA") with Korea Gas Corporation, the date of first commercial delivery ("DFCD") for Train 3 of the SPL Project is expected to occur in June 2017, upon which the SPA's 20-year term commences.
With the achievement of Substantial Completion, financial results of LNG sales from Train 3 going forward will be reflected in the statement of operations of Cheniere Partners and its affiliates.
Cheniere Partners, through its subsidiary, Sabine Pass Liquefaction, LLC ("SPL"), is developing, constructing and operating natural gas liquefaction facilities at the Sabine Pass LNG terminal adjacent to the existing regasification facilities. Cheniere Partners, through SPL, plans to construct over time up to six liquefaction trains, which are in various stages of development, construction and operations. Trains 1, 2, and 3 have achieved Substantial Completion, Train 4 is in the commissioning process, Train 5 is under construction, and Train 6 is fully permitted and being commercialized. Each liquefaction train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability and potential overdesign, of approximately 4.5 million tonnes per annum ("mtpa") of LNG. SPL has entered into six third-party LNG SPAs that in the aggregate equate to approximately 19.75 mtpa of LNG and commence with DFCD of Trains 1 through 5 as specified in the respective SPAs. For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Form 10-K for the period ending December 31, 2016, filed with the Securities and Exchange Commission.
This press release contains certain statements that may include "forward-looking statements." 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 Partners' 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 Partners' LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners 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 Partners' 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 Partners' 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 Partners does not assume a duty to update these forward-looking statements.
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SOURCE Cheniere Energy Partners, L.P.
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