Cheniere Energy Soaring After LNG Contract

The shares of Cheniere Energy

, an energy company primarily engaged in liquefied natural gas-related businesses, are soaring today after the company announced on Sunday that it has signed a 20-year LNG sale and purchase agreement with GAIL India. Under the agreement GAIL has agreed to purchase approximately 3.5 million tonnes per annum of LNG from train four. B. C. Tripathi, Chairman & Managing Director, GAIL Limited said "The SPA with Cheniere will help GAIL to ensure long term gas supply for the growing demand in the Indian market. This will be in addition to other initiatives being undertaken by GAIL which includes building captive LNG facilities in India and augmenting its transmission capacity from 175 MMSCMD to over 300 MMSCMD over the next two years." Cheniere Energy is currently trading at $10.03, a gain of $0.51 or 5.36%.