MADRID May 7 Spain's Gas Natural Fenosa
will start receiving liquefied natural gas (LNG) from
Cheniere Energy's plant in Louisiana in the second
quarter of 2016, about a year ahead of schedule, its chief
executive said on Tuesday.
CEO Rafael Villaseca said Gas Natural, with a contract to
receive up to 5 billion cubic metres (bcm) of LNG from
Cheniere's Sabine Pass project over 20 years, had expected
deliveries to begin in the third quarter of 2017.
But with the export plant on the Gulf of Mexico running
ahead of schedule, the Spanish firm has agreed to start taking 3
bcm of LNG ahead of time.
"We're bringing forward by more than a year the purchase of
3 bcm under the same conditions," Villaseca said on a conference
Booming natural gas output from U.S. shale deposits has
unlocked plentiful, cheap gas that producers want to liquefy for
export to higher paying markets overseas.
Cheniere has said it could start selling spot LNG from
Sabine Pass as early as late 2015, setting the stage to export 2
million tonnes per annum (mpta) of U.S. supplies to global
The Houston-based company has firm supply deals with South
Korea's state-owned gas buyer KOGAS, Britain's BG
Group, India's GAIL as well as Gas Natural.
Gas Natural posted a forecast-beating 1 percent rise in
first-quarter net profit on Tuesday, with strength from its
international natural gas and liquefied natural gas businesses
offseting weakness in its recession-hit domestic market.