Cheniere Energy, BASF Enter into LNG Sale and Purchase Agreement

Long Term Partnership Cheniere Energy, BASF Enter into LNG Sale and Purchase Agreement

2023-08-24 Source: Press release Cheniere Energy 2 min Reading Time

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Under the terms of the agreement, BASF will purchase 0.8 mtpa of LNG from Cheniere Marketing. The long-term LNG Sale and Purchase Agreement will extend through 2043.

Under the SPA, BASF has agreed to purchase up to approximately 0.8 mtpa of LNG from Cheniere. (Source: BASF) — Under the SPA, BASF has agreed to purchase up to approximately 0.8 mtpa of LNG from Cheniere.
(Source: BASF)

Houston/USA – Cheniere Energy has recently announced that Cheniere’s subsidiary, Cheniere Marketing, has entered into a long-term liquefied natural gas (LNG) sale and purchase agreement (SPA) with BASF.

Under the SPA, BASF has agreed to purchase up to approximately 0.8 million tonnes per annum (mtpa) of LNG from Cheniere Marketing on a free-on-board (FOB) basis for a purchase price indexed to the Henry Hub price, plus a fixed liquefaction fee. Deliveries will commence in mid-2026 and, subject to a positive Final Investment Decision with respect to the first train (Train Seven) of the Sabine Pass Liquefaction Expansion Project (SPL Expansion Project) in Louisiana, will increase to approximately 0.8 mtpa upon the start of commercial operations of Train Seven. The term of the SPA extends through 2043.

“We are pleased to enter into this long-term relationship with BASF, a global leader in the chemical industry,” said Anatol Feygin, Cheniere’s Executive Vice President and Chief Commercial Officer. “This SPA demonstrates the critical role US natural gas plays in providing long-term secure, sustainable and affordable energy for Europe. With this agreement, we are supporting the objectives of one of Europe’s key industrial end-use consumers to ensure stability of its supply chain.”

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“By establishing our own dedicated LNG supply chain with Cheniere, we are diversifying our energy and raw materials portfolio at a time of critical changes in the European gas market, which is marked by increased demand and volatile prices for LNG,” said Dr. Dirk Elvermann, BASF’s Chief Financial Officer. “While we are reducing our dependence on fossil fuels to reach our goal of net zero CO2 emissions by 2050, this agreement will ensure reliable supply of natural gas at competitive terms.”

The SPL Expansion Project is being developed for up to approximately 20 mtpa of total LNG capacity. In May 2023, certain subsidiaries of Cheniere Energy 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.

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