China's ENN agrees long-term gas deal with U.S. energy firm Cheniere - Reuters

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SINGAPORE, Oct 11 (Reuters) - China's ENN Natural Gas Co. Ltd (600803.SS) said on Monday it has signed a 13-year long-term deal to buy liquefied natural gas (LNG) from Cheniere Energy (LNG.A), the top LNG exporter from the United States.

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 standstill before resuming in 2020.

The deal, which starts in July, 2022, is for 900,000 tonnes of LNG a year and was purchased on a free-on-board (FOB) basis, the company said on Monday.

The company said this is its first LNG contract priced over the U.S. Henry Hub futures index.

Citing Cheniere Chief Executive Officer Jack Fusco, ENN said the deal is also expected to bring the third stage of Cheniere's Corpus Christi LNG plant in Texas closer to a final investment decision (FID), which is expected next year.

China's natural gas consumption is expected to reach 550 billion to 600 billion cubic metres by 2030, growing at an average annual growth rate of about 11% in 2020 and this year.

Last year, China's Foran Energy signed a non-binding Heads of Agreement (HOA) deal with Cheniere for 26 LNG cargoes to delivered over 2021-2025.

Reporting by Chen Aizhu and Jessica Jaganathan, Editing by Louise Heavens

Our Standards: The Thomson Reuters Trust Principles.

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