Delfin Midstream Inc. has announced that it has finalized a binding liquefied natural gas (LNG) sale and purchase agreement (SPA) with Vitol Inc. (VIC), the Americas-based affiliate of Vitol, which is the world’s largest independent trader of energy. In addition to the SPA, Vitol has finalized a strategic investment in the company.
Under the SPA, Delfin will supply 0.5 million tonnes per annum on a free on-board basis at the Delfin Deepwater Port 40 nautical miles off the coast of Louisiana to VIC for a 15-year period. The SPA is indexed to Henry Hub benchmark. The agreement is valued at approximately US$3 billion in revenue over 15 years.
Latham & Watkins LLP represented Vitol on the SPA with a deal team led by Houston partner Chris Peponis, with associates Jack Moxon and Chantal Carriere.
Where the legal industry reads first.
Enjoyed this article? Get the biggest legal industry updates, deals, appointments, insights and expert interviews in your inbox, free.
No spam. Unsubscribe anytime.