Name and Location
Sabine Pass liquefaction project, Louisiana, US.

Client
Sabine Pass Liquefaction, a wholly owned subsidiary of Cheniere Partners.

Project Description
The Sabine Pass liquefied natural gas (LNG) terminal includes the existing infrastructure of five LNG storage tanks with a capacity of about 16.9-billion cubic feet equivalent; two docks, each of which can accommodate vessels with a nominal capacity of up to 266 000 m³; and vaporisers with regasification capacity of an estimated four-billion cubic feet a day.

The project entails the development of natural gas liquefaction facilities at the Sabine Pass LNG terminal, adjacent to the existing regasification facilities.

Cheniere Partners plans to build up to six liquefaction trains, which are in various stages of development.
Each liquefaction train is expected to have a nominal production capacity of about four-million tonnes a year.

Value
Sabine Pass Liquefaction has entered into four credit facilities to fund Train 5 construction, which replace its existing credit facilities, for debt up to about $4.6-billion.

The credit facilities include a Term Loan A credit facility of about $2.85-billion with a syndicate of 25 banks and financial institutions, and an additional three credit facilities – the Export-Import Bank of Korea for its own account; the Korean financial institutions, supported by Korea Trade Insurance Corporation; and the Korean financial institutions, supported by the Export-Import Bank of Korea – totalling $1.75-billion.

These credit facilities complete the financing needed to fund the costs of developing, building and commissioning the first five liquefaction trains of the project.

Sabine Pass Liquefaction also has commitments for a $1.2-billion revolving credit facility that is expected to close in due course.

Duration
The project completion percentage of Trains 1 and 2 was about 90.8% as of May 31, 2015.

The project completion percentage of Trains 3 and 4 was about 67.7% as of May 31, 2015. Construction started on Train 5 in June 2015 and is expected to start operations as early as 2018.

Latest Developments
All regulatory approvals to build and operate Train 6 have been received.

Cheniere Partners has entered into six third-party LNG sale and purchase agreements (SPAs) that together equate to 19.75-million tonnes a year and start with the date of first commercial delivery of Trains 1 through 5, as specified in the respective SPAs.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Cheniere Energy media, Faith Parker, tel + 1 713 375 5663.