Cheniere Energy, Inc. announced today that its marketing subsidiary, Cheniere Marketing, Inc., has entered into a domestic marketing agreement for the sale of liquefied natural gas, or LNG, with J.P. Morgan Ventures Energy Corporation “JPMorgan”, a wholly owned subsidiary of JPMorgan Chase & Co.
The agreement provides a framework under which Cheniere Marketing sells to JPMorgan LNG it acquires on delivery to the Sabine Pass Terminal, located in southwest Louisiana. Additionally, JPMorgan will acquire a portion of Cheniere Marketing’s capacity for storage and regasification services for the LNG that JPMorgan purchases. JPMorgan Chase & Co, has guaranteed all of JPMorgan’s obligations under this agreement.
“We believe that JPMorgan’s domestic natural gas business and their power generation asset base will make an excellent complement to the send-out capabilities of the Sabine Pass terminal,” said Charif Souki, chairman and CEO. “We look forward to finding ways to incorporate the financial derivatives expertise of JPMorgan into our LNG origination effort for the benefit of our suppliers.”
“We are excited to work with Cheniere and leverage our platform to further optimize and enhance the value of Sabine Pass,” said Paul Posoli, co-head of Global Energy for JPMorgan Commodities.
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