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Cheniere Energy Partners enters lump sunk turnkey contract with Bechtel

Cheniere Energy Partners announced that its subsidiary, Sabine Pass Liquefaction and Bechtel Oil, Gas and Chemicals have entered into a lump sum turnkey contract for the engineering, procurement and construction of the third and fourth liquefaction trains to be constructed adjacent to the Sabine Pass LNG terminal located in Cameron Parish, Louisiana. Sabine Liquefaction intends to give Bechtel a notice to proceed with construction for the third and fourth liquefaction trains upon achieving acceptable financing arrangements and making a final investment decision. Construction for the third and fourth trains is expected to begin in the first half of 2013. Sabine Liquefaction issued NTP to Bechtel and commenced full construction for the first two liquefaction trains in August 2012. The total contract price of the Trains 3&4 EPC Contract is approximately $3.8B. Total expected costs for the third and fourth liquefaction trains before financing costs are estimated to be between $4.5B and $5B, including an estimate for owner's costs and contingencies.