🇺🇸 Cheniere ($LNG) just sold gas to Qatar🇶🇦 The 2nd-largest LNG exporter on earth signed two 23-year contracts to buy 4 million tonnes a year from Cheniere, 2 from Sabine Pass and 2 from Corpus Christi, FOB, Henry Hub plus a fixed fee, 2031 to 2054. Qatar has 77 million tonnes of its own capacity and a plan for 142. It needs molecules that do not pass through Hormuz. 7 months of force majeure taught QatarEnergy what its customers already knew: a portfolio with one exit is not a portfolio. For Cheniere it means: Part of the Sabine Pass volume is conditional on FID of the first expansion phase, Train 7, over 6 mtpa. Bechtel already holds the EPC contract. FID was guided for late 2026 or early 2027. This makes it easier. Fixed fee for 23 years from the most creditworthy buyer in the business. No commodity risk on Cheniere’s side. Corpus Christi Stage 4, 24 mtpa, sits in front of FERC with an answer requested by May 2027. Every new SPA fills a train. I bought Cheniere at $240.86. It trades around $284, up about 18%. Results on 29 October and the first question should be how many more of these are in the queue? I am holding. Qatar just told me why. If you subscribe to The Merchant’s News you see how I invest my own money, every position, every exit, before the filing makes the news. themerchantsnews.substack.co…