Cheniere Signs Memorandum of Understanding with Morgan Stanley Capital Group Inc. for LNG Processing at the Sabine Pass LNG Term

abarrelfullabarrelfull wrote on 08 Nov 2010 14:22
Tags: cheniere deals lng morgan-stanley sabine-pass usa

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Cheniere Energy Partners, L.P. (NYSE Amex: CQP) ("Cheniere Partners") announced today that its subsidiary, Sabine Pass Liquefaction, LLC ("Sabine"), has entered into a non-binding memorandum of understanding ("MOU") with Morgan Stanley Capital Group Inc. ("Morgan Stanley") in connection with the potential acquisition by Morgan Stanley of certain import capacity and approximately twenty percent of a proposed 7.0 million tonnes per annum ("mtpa") of LNG liquefaction capacity at the Sabine Pass LNG terminal located in Cameron Parish, Louisiana.

Consistent with the MOU, definitive agreements would provide Morgan Stanley the ability to export or import 1.7 mtpa of LNG from the proposed facility. The arrangement is subject to negotiation and execution of definitive agreements and certain other customary conditions to closing for transactions of this type including but not limited to the receipt by each party of requisite internal approvals, the receipt of necessary regulatory approvals and Sabine making a final investment decision to construct the liquefaction facilities. The MOU does not represent a final and binding agreement with respect to its subject matter.

"This is a significant development for our liquefaction project at Sabine Pass," said Charif Souki, Chairman and CEO of Cheniere Partners. "I am pleased with all of the progress we have made to date and look forward to continuing discussions with Morgan Stanley and with additional customers in order to advance with our project."

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