The Sabine Pass Liquefaction Project is being designed for up to six liquefaction trains, each with nominal production capacity of approximately 4.5 million tonnes per annum ("mtpa"). Train 5 is expected to commence operations as early as 2018.
"We now have five liquefaction trains under construction at Sabine Pass, with Train 1 expected to make first LNG later this year. We expect to reach FID on Train 6 at Sabine Pass upon completion of commercial contracts and arranging financing, as all necessary regulatory approvals have been received," said Charif Souki, Chairman and CEO of Cheniere. "We appreciate all of the time and effort that goes into these projects and would like to thank our employees, contractors, Bechtel, government officials, and our strategic partners for their continued dedication and hard work as we proceed with construction on our Sabine Pass Liquefaction Project."
In order to fund Train 5 construction, Cheniere Partners’ wholly owned subsidiary, Sabine Pass Liquefaction, LLC, has entered into four credit facilities, which replace its existing credit facilities, for the incurrence of debt up to an aggregate amount of approximately $4.6 billion. The credit facilities include a Term Loan A Credit Facility of approximately $2.85 billion with a syndicate of 25 banks and financial institutions and an additional three credit facilities – one with The Export-Import Bank of Korea for its own account, one with Korean financial institutions supported by the Korea Trade Insurance Corporation and another with Korean financial institutions supported by The Export-Import Bank of Korea – collectively totaling $1.75 billion. These credit facilities complete the financing needed to fund the costs of developing, constructing and placing into service the first five liquefaction trains of the Sabine Pass Liquefaction Project. Additionally, Sabine Pass Liquefaction, LLC has commitments for a $1.2 billion revolving credit facility which is expected to close in due course. Société Générale acted as financial advisor.
Cheniere Partners owns 100 percent of the Sabine Pass LNG terminal located on the Sabine Pass deep-water shipping channel less than four miles from the Gulf Coast. The Sabine Pass LNG terminal includes existing infrastructure of five LNG storage tanks with capacity of approximately 16.9 billion cubic feet equivalent (Bcfe), two docks that can accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d.
