Mayer Brown advised POSCO International in connection with its entry into a long-term (20 year) liquified natural gas (LNG) sale and purchase agreement with Cheniere Energy for 0.4 million metric tonnes per annum (MTPA) of LNG to be supplied from the Corpus Christi Stage III Project, and its subsequent on-sale arrangements to its downstream customers.
The Corpus Christi Stage III Project is a key gas infrastructure for the United States and its customers, as it will add over 10 MTPA of liquefaction capacity to the existing facilities. The Corpus Christi Stage III Project reached final investment decision (FID) in June 2022, and the POSCO contract is part of the suite of long-term agreements which will underpin the expansion. Deliveries under the LNG sale and purchase agreement are expected to begin in late 2026.
The Mayer Brown team was led by global head of LNG and partner Nick Kouvaritakis, and included partner Sean Prior, counsel Nick Kendrick, senior associate Shi Ning Ong and associate Kieran McLaughlin (all Singapore).