Cheniere Energy Partners (CQP) Says Train 2 at the Sabine Pass Liquefaction Project 'Substantially Complete'

September 16, 2016 8:05 AM EDT

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Cheniere Energy Partners, L.P. (NYSE: CQP) announced that Substantial Completion of Train 2 of the Sabine Pass liquefaction project in Cameron Parish, Louisiana (the "SPL Project") was achieved on September 15, 2016. Commissioning has been completed and Cheniere Partners' EPC partner Bechtel Oil, Gas and Chemicals, Inc. ("Bechtel") is turning over care, custody, and control of Train 2 to Cheniere Partners. This turnover will be done in coordination with a previously announced planned outage to improve performance of the flare systems at the SPL Project, as well as to perform scheduled maintenance to Train 1 and other facilities.

Under a sale and purchase agreement ("SPA") with Gas Natural Fenosa LNG GOM Ltd. ("GNF"), the date of first commercial delivery ("DFCD") for Train 2 of the SPL Project is expected to occur in August 2017 upon which the SPA's 20-year term commences. Prior to DFCD, GNF has certain rights to early cargoes produced from Train 2 as described in the SPA.

With the achievement of Substantial Completion, financial results of LNG sales from Train 2 going forward will be reflected in the statement of operations of Cheniere Partners and its affiliates.



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