DALLAS & SINGAPORE — Energy Transfer LP (NYSE: ET) and Gunvor Group Ltd today announced that Gunvor Singapore Pte Ltd (Gunvor) has entered into an LNG Sale and Purchase Agreement with Energy Transfer LNG Export, LLC (Energy Transfer LNG), a subsidiary of Energy Transfer LP, related to its Lake Charles LNG project. Under the SPA, Energy Transfer LNG will supply 2 million tonnes of LNG per annum to Gunvor on a free-on-board (FOB) basis. The SPA is for a term of 20 years, and first deliveries are expected to commence as early as 2026. The SPAs will become fully effective upon the satisfaction of the conditions precedent, including Energy Transfer LNG taking final investment decision (FID).
ENERGY TRANSFER SIGNS LNG SALE AND PURCHASE AGREEMENT WITH GUNVOR
Offtake Agreements, Contracts & Equity, Participants
Lake Charles LNG signed several long-term LNG offtake agreements in 2022, each of which provide that the effectiveness of the offtake agreement is subject to the satisfaction of specified conditions precedent, including Lake Charles LNG making a positive final investment decision (FID) to construct the liquefaction facility. Each of these agreements also provide that either party has the right to terminate the agreement in the event that Lake Charles LNG has not made a positive FID by a specified date. In the case of some of these agreements, the specified date has been extended and in other cases it has not been extended. As a result, Lake Charles LNG is in discussions with these offtake counterparties to determine whether, and on what terms, these offtake agreements will be extended through the time of Lake Charles LNG making a positive FID.
In December 2024, Lake Charles LNG entered into a long-term offtake agreement with Chevron for 2.0 mtpa of LNG, and in April 2025, Lake Charles LNG entered into a non-binding heads of agreement with MidOcean Energy, a liquefied natural gas company formed and managed by EIG Global Energy Partners, a leading institutional investor in the global energy and infrastructure sectors. The HOA provides a non-binding framework of the major terms for the joint development of the Lake Charles LNG project. Pursuant to the HOA, MidOcean would commit to fund 30% of the construction costs and be entitled to receive 30% of the LNG production. (approximately 5.0 mtpa). The HOA also provides that MidOcean Energy will have the option to arrange for gas supply for its share of LNG production and that MidOcean will commit to long term gas transportation on Energy Transfer pipelines. The obligations of Energy Transfer LNG and MidOcean Energy under the HOA will be subject to both parties’ determination to take a positive FID as well as the satisfaction of other conditions precedent.
In May 2025, Lake Charles LNG announced the execution of a long-term offtake agreement with Kyushu Electric Power for 1.0 mtpa of LNG. Lake Charles has also recently entered into a long-term offtake agreement for 1.0 mtpa of LNG with an international energy company, subject to such company’s board pproval, and a non-binding heads of agreement with a German energy company for 1.0 mtpa of LNG.