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.
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