Cheniere Energy Partners, L.P. reported that its subsidiary, Sabine Pass Liquefaction, LLC (Sabine Liquefaction), has entered into a liquefied natural gas (LNG) sale and purchase agreement (SPA) with Total Gas & Power North America, Inc. (Total) under which Total has agreed to purchase 91,250,000 MMBtu of LNG annually plus 13,500,000 MMBTU of seasonal LNG volumes upon the commencement of train five operations. These volumes represent approximately 2.0 million tonnes per annum (mtpa) of the approximately 4.5 mtpa of nominal capacity of train five being developed at Sabine Liquefaction.

Sabine Liquefaction is currently developing five liquefaction trains adjacent to the Sabine Pass LNG terminal. The first two trains are under construction and the third and fourth trains are expected to commence construction in 2013.

Under the SPA, Total will purchase LNG on an FOB basis, under which LNG will be loaded onto Total's vessels, for a purchase price indexed to the monthly Henry Hub price plus a fixed component.

Tags: Cheniere Energy, Total