Chinese natural gas distribution company ENN Natural Gas Co Ltd said on Monday it signed a 13-year deal to buy liquefied natural gas (LNG) from U.S. LNG company Cheniere Energy Inc beginning in July 2022.
This is the first major binding deal for natural gas between the two nations since a long-standing trade war which brought gas trade between both countries to a temporary standstill.
Cheniere said the purchase price will be indexed to gas at the U.S. Henry Hub benchmark in Louisiana, plus a fixed liquefaction fee. Cheniere is already the biggest buyer of gas in the United States and the biggest U.S. exporter of LNG with the capacity to produce about 40 MTPA of LNG - soon to be 45 MTPA once a sixth liquefaction train at its Sabine Pass plant in Louisiana enters service early next year.
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