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Energy Transfer Signs LNG Sale and Purchase Agreement With Gunvor

5/3/2022

Energy Transfer - Press release

Energy Transfer LP and Gunvor Group Ltd today announced that Gunvor Singapore Pte Ltd has entered into an LNG Sale and Purchase Agreement with Energy Transfer LNG Export, LLC, a subsidiary of Energy Transfer LP, related to its Lake Charles LNG project.

Under the SPA, Energy Transfer LNG will supply 2 million tonnes of LNG per annum to Gunvor on a free-on-board (FOB) basis. The purchase price is
indexed to the Henry Hub benchmark plus a fixed liquefaction charge. The SPA is for a term of 20 years, and first deliveries are expected to
commence as early as 2026. The SPAs will become fully effective upon the satisfaction of the conditions precedent, including Energy Transfer LNG
taking final investment decision (FID).

“We are pleased to partner with Energy Transfer, which is a significant step in executing Gunvor’s overall strategy of uncovering and securing low-cost
resources and implementing competitive and reliable deliveries to our LNG buyers. We look forward to a successful, long-term relationship with the
Energy Transfer team as their project continues to progress,” said Kalpesh Patel, Co-Head of LNG Trading of Gunvor.

“Gunvor is a well-known participant in the LNG industry, and we are excited to have them as a customer,” said Tom Mason, President of Energy
Transfer LNG. “Gunvor’s commitment to Lake Charles further evidences the progress we are making towards taking FID by year end.”

Energy Transfer is one of the largest and most diversified midstream energy companies in North America, with a strategic footprint in all of the major
U.S. production basins. Energy Transfer's Lake Charles LNG export facility will be constructed on the existing brownfield regasification facility and will
capitalize on four existing LNG storage tanks, two deep water berths and other LNG infrastructure. Lake Charles LNG will also benefit from its direct
connection to Energy Transfer’s existing Trunkline pipeline system that in turn provides connections to multiple intrastate and interstate pipelines.
These pipelines allow access to multiple natural gas producing basins, including the Haynesville, the Permian and the Marcellus Shale.