Mon, Apr. 7, 10:25 AM
- Cheniere Energy (LNG +0.4%) and Endesa (ELEZF) sign another 20-year sale and purchase agreement for liquefied natural gas from LNG's planned export facility being developed near Corpus Christi, Tex.
- Endesa will purchase ~750M metric tons/year of gas in addition to last week's announcement that the Spanish utility would purchase 1.5M metric tons/year, to bring the total quantity sold to Endesa to ~2.25M.
- The Corpus Christi Liquefaction Project is being designed and permitted for up to three trains, with aggregate design production capacity of 13.5M metric tons/year of LNG.
Wed, Apr. 2, 8:20 AM
- Cheniere Energy (LNG) +1.7% premarket on news that Spanish energy company Endesa (ELEZF) agrees to purchase ~1.5M tons/year of liquefied natural gas from the company's planned Corpus Christi export operations.
- The agreement is for 20 years from the first commercial delivery, with an option for an extension of as many as 10 years; deliveries are expected to start as soon as 2018.
- Endesa is the planned export operation's second foundation customer; the project is being designed with a total production capacity of 13.5M tons/year.
- Deutsche Bank raises its price target on LNG shares to $67 from $57 on the news, noting the contract represents ~33% of the volume from the first liquefaction train expected to be built at Corpus Christi.
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ELEZF vs. ETF Alternatives
Endesa, S.A. generates, distributes, and trades electricity in Spain, Italy, France, Portugal, North Africa, and Latin America. The Company distributes natural gas, operates co-generation plants, and treats and distributes water.
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