Taiwan agrees to 25 year LNG purchase from US company

Reuters:
U.S. liquefied natural gas (LNG) company Cheniere Energy Inc said on Friday it had signed a 25-year deal to supply Taiwan’s CPC Corp, which CPC valued at roughly $25 billion.

Cheniere said it will sell 2 million tonnes of LNG per year on a delivered basis to the state-owned oil and gas company, starting in 2021. It said the purchase price will be pegged to the Henry Hub monthly average, plus a fee.

A CPC spokesman said the $25 billion figure was based on current prices. CPC’s company statement on Saturday did not provide a monetary figure for the deal.

“Most importantly, it helps to further achieve the diversification of LNG sources and stability of energy supply into the Taiwan market that are among CPC’s key objectives,” CPC Chairman Tai Chein said in a statement on Saturday.
...
Among other reasons, Taiwan is trying to reduce its trade surplus with the US.  Taiwan makes a variety of products sold in the US including some high quality woodworking equipment.  The Taiwan purchase will offset the Chinese cutback because of their trade dispute with the Trump administration.  It will put more pressure on China to reach an agreement with Trump.

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