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Cowen raises Cheniere target, new Louisiana Sabine LNG train likely

Reuters - UK Focus

May 30 (Reuters) - * U.S. financial services firm Cowen & Co on Wednesday raised its price target for Cheniere Energy (Frankfurt: 580884 - news) Inc to $70 from $62 after the company suggested to analysts that it could make a decision to build a sixth liquefaction train at its Sabine Pass liquefied natural gas export terminal in Louisiana.

* Cheniere stock was up 4.4 percent to $66.10 at midday on Wednesday, close to its highest since 2015.

* "Management's track record is excellent and industry tailwinds are robust, and so we embed a 2019 final investment decision and a 2023 startup for Sabine Pass 6," Cowen said in a report.

* Cheniere did not provide any firm guidance on the timing for a final investment decision for Sabine Pass 6 at its analyst meeting.

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* Cheniere, the biggest buyer of natural gas in the United (Shenzhen: 000925.SZ - news) States, already operates four liquefaction trains at Sabine Pass and expects a fifth at Sabine Pass and two trains at its Corpus Christi LNG export terminal in Texas to enter service in 2019.

* Last week, Cheniere made a final investment decision to build Train 3 at Corpus Christi, which it expects to complete by December 2021. Each train at Corpus Christi and Sabine Pass is capable of liquefying about 0.7 billion cubic feet per day or 4.5 million tonnes per annum of natural gas.

* One billion cubic feet of gas is enough to fuel about five million homes.

* Cheniere said in its presentation slides that global demand for LNG is forecast to grow from around 300 mtpa today to about 400 mtpa in the early 2020s and 500 mtpa by 2030.

* To meet growing global demand, especially from China and the rest of Asia, Cheniere said supplies must increase by about 80 mtpa over what is currently available and expected to enter service by 2025 and by 125 mtpa by 2030, which puts the company in a good position for future growth.

* Cheniere has agreed to sell LNG from Corpus Christie to units of Pertamina PT, Endesa SA (LSE: 0N9G.L - news) , Iberdrola (Amsterdam: ID6.AS - news) SA, Gas Natural SDG SA, Woodside Petroleum Ltd (Frankfurt: WOP.F - news) , Electricite de France (LSE: 0HBA.L - news) (EDF (Paris: FR0010242511 - news) ) SA, EDP Energias de Portugal SA and China National Petroleum Corp Ltd .

* Cheniere has agreed to sell LNG from Sabine Pass to units of Royal Dutch Shell Plc (LSE: 0LN9.L - news) , Gas Natural (Frankfurt: 38G.F - news) , Korea Gas Corp (KSE: 036460.KS - news) , Gail (India) Ltd (BSE: GAIL.BO - news) , Total SA (Paris: FR0000120271 - news) and Centrica Plc (Frankfurt: A0DK6K - news) .

(Reporting by Scott DiSavino; Editing by Dan Grebler)