Cheniere Energy Celebrates Accelerating Taxes to Help Rebuild Community
Leading LNG Company Hosts Event to Reaffirm Commitment to Hurricane Rita-Affected Area
CAMERON PARISH, La.--(BUSINESS WIRE)--
Houston-based Cheniere Energy (AMEX:LNG) presented checks to 11 Cameron Parish taxing authorities during a ceremony today with elected officials to celebrate an action no other company operating in Louisiana has ever done - accelerate their property tax payments.
In a landmark action this summer, Cheniere Energy requested the Louisiana State Legislature to pass a bill (RS 33:2758) that would allow the accelerated payment of a portion of the Company's parish property taxes. Today's ceremony, at the historic Cameron Parish courthouse, brought together community leaders and state elected officials to celebrate the first payments to 11 individual local Cameron Parish taxing authorities, money that will be made available to continue parish rebuilding efforts following Hurricane Rita.
In March 2005, Cheniere began construction on the Sabine Pass LNG receiving terminal, one of the first new LNG import facilities in North America. Following Hurricane Rita's devastation in September 2005, Cheniere pledged to contribute to the rebuilding efforts in Cameron Parish by accelerating its property tax payments.
Working with local officials in Cameron Parish, Cheniere executed Cooperative Endeavor Agreements that allowed the Company to accelerate property tax payments scheduled to begin in 2019. This ten-year initiative represents an aggregate $25 million commitment, and will make resources available now in order to aid in the reconstruction efforts. The monies will be divided per the current tax rates. The taxing authorities that are participating include: the Police Jury, Fire District, Tax Assessor's Office, the Sheriff's Department, Cameron Parish School Board, Mosquito Abatement District No. 1, Cameron Parish Library, Ambulance Service District No. 2, Waterworks District No. 10, Gravity Drainage No. 7, Fire Protection District No. 10 and Johnson Bayou Recreation District.
Representatives Mickey Frith and Gil Pinac and Senator Gerald Theunissen authored the legislation that will enforce these landmark Cooperative Endeavor Agreements.
"Cheniere Energy has made an unprecedented move to pay, in advance, taxes that are not currently due. I am proud to be a part of Cheniere's commitment to the rebuilding of Cameron Parish and pleased to have had the opportunity to author the legislation making this possible," noted Senator Gerald Theunissen.
"Active involvement in the areas where we operate and where many of our employees live are central components of our business model," said Charif Souki, Chairman and Chief Executive Officer of Cheniere Energy.
Cheniere's commitment has helped sponsor several community and environmental initiatives. The Company commissioned and funds the Johnson Bayou Rural Health Clinic, financed refurbishment of area schools, and has created 16 acres of habitat for marine life in Calcasieu Lake.
The Company's LNG receiving terminal, Sabine Pass LNG, is located near the open water with downstream access to more than 75 percent of North America's natural gas market.
About Cheniere
Cheniere Energy, Inc. is developing a network of three LNG receiving terminals and related natural gas pipelines along the Gulf Coast of the United States. Cheniere is pursuing related business opportunities both upstream and downstream of the terminals. Cheniere is also the founder and holds a 30% limited partnership interest in a fourth LNG receiving terminal.
Cheniere is based in Houston, Texas with offices in Johnson Bayou, Louisiana; Corpus Christi, Texas; London, United Kingdom; Washington, D.C. and Paris, France. Additional information about Cheniere may be found on the Company's website at www.cheniere.com.
This press release contains certain statements that may include "forward-looking statements" within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere's business strategy, plans and objectives and (ii) statements expressing beliefs and expectations regarding the development of Cheniere's LNG receiving terminal business. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere's periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.
Source: Cheniere Energy
Released November 2, 2007