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Cheniere starts construction of Sabine Pass trains 3 and 4

LNG Industry,

Cheniere Energy Partners, L.P. announced today that its Board of Directors has made a positive final investment decision for the development and construction of Trains 3 and 4 of the Sabine Pass Liquefaction Project.  Cheniere Partners has issued a full notice to proceed with construction of Trains 3 and 4 to Bechtel Oil, Gas and Chemicals, Inc.

Sabine Pass Liquefaction, LLC, a wholly owned subsidiary of Cheniere Partners, has closed on credit facilities totaling US$ 5.9 billion, including a Term Loan A Credit Facility of US$ 4.4 billion with a syndicate of 27 joint lead arranger banks and financial institutions. It has also secured three additional credit facilities with Republic of Korea financial institutions, The Export-Import Bank of Korea and Korea Trade Insurance Corporation, of US$ 1.5 billion. These liquefaction credit facilities complete the financings needed to fund the costs of developing, constructing and placing into service the first four liquefaction trains of the liquefaction project. 

"We have completed all milestones to start construction on the first four liquefaction trains being developed by Sabine Liquefaction.  Construction on Trains 1 and 2 commenced last August and is approximately 30% complete.  Construction on Trains 3 and 4 will start immediately.  First LNG is expected to be delivered by late 2015.  Additionally, we expect to complete all of the required resource reports to file an application with the FERC bySeptember 2013 for Trains 5 and 6," said Charif Souki, Chairman and CEO. 

In addition, Cheniere Partners has completed the acquisition of the Creole Trail Pipeline from subsidiaries of Cheniere Energy, Inc. as previously contemplated by the Creole Trail Purchase and Sale Agreement.  The Creole Trail Pipeline is a 94-mile pipeline that will be used by the Liquefaction Project to source domestic natural gas for processing into LNG. 

Edited from press release by Peter Farrell.

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