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Released February 22, 2018 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Cheniere Energy Incorporated (NYSE:LNG) (Houston, Texas) is ramping up it liquefied natural gas (LNG) cargos as Train 4 at its Sabine Pass liquefaction facility in Louisiana was completed in fourth-quarter 2017 and is now in service. Cheniere reported a net loss for fiscal year 2017 of $393 million, compared with a net loss of $610 million in 2016. Fourth-quarter 2017 net income was $127 million, compared with $110 million in fourth-quarter 2016.
In the company's conference call, Cheniere Chief Executive Officer Jack Fusco said, "We loaded and exported a total of 205 cargos of LNG from Sabine Pass in 2017, including a record 70 in the fourth quarter alone. We have now exported approximately 300 cargos of LNG from Sabine Pass' startup in 2016, and our product has reached 25 countries and regions around the world."
Anatol Feygin, Cheniere's chief commercial officer, said that Mexico, South Korea and China were the top three destinations for deliveries in 2017, with Asia accounting for about 45% of deliveries in the year.
Cheniere now has four operating trains at Sabine Pass and is constructing two trains at its facility in Corpus Christi, Texas. Fusco gave an update on the company's planned expansions, including a third train at Corpus Christi. "We are now focused on completing the remaining steps necessary to make a final investment decision (FID) on Train 3 at Corpus Christi in the next several months." Cheniere has signed sales and purchase agreements for the train's output with Trafigura Pte Limited (Geneva, Switzerland) and China National Petroleum Corporation (Beijing, China). For more information see January 17, 2018, article - Cheniere Signs 15-Year LNG Sales Agreement with Trafigura and February 12, 2018, article - Cheniere Signs LNG Sales Agreement with China.
Fusco said, "We finalized the Train 3 engineering, procurement and construction (EPC) contract with Bechtel Corporation (San Francisco, California) and got that project underway under limited notice to proceed, or LNTP. Getting started under LNTP is designed to leverage personnel and equipment already on site at Corpus and efficiently transition them to Train 3 work, which would give Train 3 a bit of a schedule head start prior to FID and full notice to proceed. Under LNTP, Train 3 engineering has progressed to 25% complete, ground and foundation work has begun, and most importantly, the train construction cost schedule and performance are fixed." For more information, see Industrial Info's project report on Corpus Christi Train 3.
Construction on trains 1 and 2 at Corpus Christi began in 2015, with Bechtel providing EPC work on the projects, which each has an estimated total investment value of $5.5 billion. Construction on Train 5 at the Sabine Pass facility also began construction in 2015, with Bechtel providing EPC work. All trains will have a production capacity of 4.5 million metric tons per year of LNG.
Fusco said, "Construction continues to progress ahead of schedule and on budget for Train 5 at Sabine Pass and trains 1 and 2 at Corpus Christi. We expect substantial completion for Train 5 at Sabine and Train 1 at Corpus in the first half of 2019, followed by Train 2 at Corpus in the second half of next year." For more information, see Industrial Info's project reports on Train 5 at Sabine Pass, and Train 1 and Train 2 at Corpus Christi.
Cheniere's Sabine Pass facility remains the only active LNG export facility in the U.S. Next month, Dominion Energy Incorporated's (NYSE:D) (Richmond, Virginia) Cove Point facility in Maryland is expected to begin LNG exports. The facility will have a production capacity of 5.25 million tons per year. For more information, see Industrial Info's project report and January 30, 2018, article - Dominion Energy: Cove Point LNG Plant in Service in March.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
In the company's conference call, Cheniere Chief Executive Officer Jack Fusco said, "We loaded and exported a total of 205 cargos of LNG from Sabine Pass in 2017, including a record 70 in the fourth quarter alone. We have now exported approximately 300 cargos of LNG from Sabine Pass' startup in 2016, and our product has reached 25 countries and regions around the world."
Anatol Feygin, Cheniere's chief commercial officer, said that Mexico, South Korea and China were the top three destinations for deliveries in 2017, with Asia accounting for about 45% of deliveries in the year.
Cheniere now has four operating trains at Sabine Pass and is constructing two trains at its facility in Corpus Christi, Texas. Fusco gave an update on the company's planned expansions, including a third train at Corpus Christi. "We are now focused on completing the remaining steps necessary to make a final investment decision (FID) on Train 3 at Corpus Christi in the next several months." Cheniere has signed sales and purchase agreements for the train's output with Trafigura Pte Limited (Geneva, Switzerland) and China National Petroleum Corporation (Beijing, China). For more information see January 17, 2018, article - Cheniere Signs 15-Year LNG Sales Agreement with Trafigura and February 12, 2018, article - Cheniere Signs LNG Sales Agreement with China.
Fusco said, "We finalized the Train 3 engineering, procurement and construction (EPC) contract with Bechtel Corporation (San Francisco, California) and got that project underway under limited notice to proceed, or LNTP. Getting started under LNTP is designed to leverage personnel and equipment already on site at Corpus and efficiently transition them to Train 3 work, which would give Train 3 a bit of a schedule head start prior to FID and full notice to proceed. Under LNTP, Train 3 engineering has progressed to 25% complete, ground and foundation work has begun, and most importantly, the train construction cost schedule and performance are fixed." For more information, see Industrial Info's project report on Corpus Christi Train 3.
Construction on trains 1 and 2 at Corpus Christi began in 2015, with Bechtel providing EPC work on the projects, which each has an estimated total investment value of $5.5 billion. Construction on Train 5 at the Sabine Pass facility also began construction in 2015, with Bechtel providing EPC work. All trains will have a production capacity of 4.5 million metric tons per year of LNG.
Fusco said, "Construction continues to progress ahead of schedule and on budget for Train 5 at Sabine Pass and trains 1 and 2 at Corpus Christi. We expect substantial completion for Train 5 at Sabine and Train 1 at Corpus in the first half of 2019, followed by Train 2 at Corpus in the second half of next year." For more information, see Industrial Info's project reports on Train 5 at Sabine Pass, and Train 1 and Train 2 at Corpus Christi.
Cheniere's Sabine Pass facility remains the only active LNG export facility in the U.S. Next month, Dominion Energy Incorporated's (NYSE:D) (Richmond, Virginia) Cove Point facility in Maryland is expected to begin LNG exports. The facility will have a production capacity of 5.25 million tons per year. For more information, see Industrial Info's project report and January 30, 2018, article - Dominion Energy: Cove Point LNG Plant in Service in March.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
