Sempra Energy ( NYSE: SRE ) said Wednesday it entered into a long-term sale and purchase agreement with PKN Orlen, which recently acquired the Polish Oil & Gas Company, to supply liquefied natural gas from the Port Arthur LNG Phase 1 project under development in Texas.
Under the SPA, PKN Orlen agrees to buy 1M metric tons/year of LNG from the project on a free-on-board basis for 20 years.
With the latest supply deal, Sempra ( SRE ) said Port Arthur LNG Phase 1 is fully subscribed with 10.5M tons/year under binding long-term agreements, and it now expects to reach final investment decision on the project later this quarter.
Sempra ( SRE ) previously announced long-term agreements with ConocoPhillips, Inoes, Engie and RWE for the sale and purchase of LNG from the proposed Phase 1 project .
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Sempra signs LNG supply deal with Poland's PKN Orlen for Port Arthur project