Cheniere Energy Partners Reports First Quarter 2008 Results.

HOUSTON -- Cheniere Energy Partners, L.P. (AMEX:CQP) reported a net loss of $14.5 million, or $0.09 per limited partner unit (basic and diluted) for the three-months ended March 31, 2008. This compares to a net loss of $0.7 million, or $0.00 per limited partner unit (basic and diluted), for the period March 26, 2007, inception of operations, to March 31, 2007.

Cheniere Energy Partners ("Cheniere Partners") commenced operations on March 26, 2007 upon successful completion of its initial public offering and the concurrent contribution by its parent, Cheniere Energy, Inc. (AMEX:LNG), of a 100% interest in the 4 billion cubic feet per day Sabine Pass liquefied natural gas ("LNG") receiving terminal currently under construction on the Sabine Pass Channel in western Cameron Parish, Louisiana, along with the equity interest in certain entities, collectively referred to in the transaction as the "Combined Predecessor Entities".

Cheniere Partners' operations for the three-months ended March 31, 2007, including the Combined Predecessor Entities for the period January 1, 2007 through March 25, 2007, resulted in a net loss of $12.9 million. On a similar basis, the net loss for the first quarter of 2008 increased $1.7 million, or 12.9%, to $14.5 million. The increase of $1.7 million was primarily due to increased labor cost associated with the hiring of employees for the purpose of operating the Sabine Pass LNG receiving terminal beginning in the second quarter of 2008.

Cheniere Partners reported restricted cash balances totaling $556.2 million as of March 31, 2008, including $276.7 million set aside to complete the construction of the Sabine Pass LNG receiving terminal, $215.2 million for interest payments relating to the Sabine Pass senior notes and $64.3 million as a reserve for distributions to the Cheniere Partners' common unit holders.

Sabine Pass Receiving Terminal Update

As of March 31, 2008, we had completed construction of 99% of the Sabine Pass LNG receiving terminal consisting of an initial send out capacity of approximately 2.6 Bcf/d and storage capacity of approximately 10.1 Bcf. Construction on the remaining 1.4 Bcf/d of send out capacity and 6.7 Bcf of storage capacity was 67% complete as of March 31, 2008, and we anticipate achieving full operability of the Sabine Pass LNG receiving terminal, with a total send out capacity of approximately 4.0 Bcf/d and total storage capacity of approximately 16.8 Bcf, during the third quarter of 2009. Total construction costs are still estimated to be $1.4 billion. Payments under our terminal use agreements commence no later than April 1, 2009 for Total and July 1, 2009 for Chevron.

We commenced commissioning of the Sabine Pass LNG receiving terminal in April 2008 and anticipate commencing commercial operations during the second quarter of 2008. The cool down process has gone extremely well and ahead of schedule. As a result, Sabine Pass LNG is now ready to receive LNG cargoes for further performance testing and commercial sales. Additional cargoes will be purchased when such purchases can be obtained on favorable economic terms.

Cheniere Energy Partners, L.P. is a Delaware limited partnership. Through its wholly-owned subsidiary, Sabine Pass LNG, L.P., the partnership is developing an LNG receiving terminal located in western Cameron Parish, Louisiana on the Sabine Pass Channel. Additional information about Cheniere Energy Partners, L.P. may be found on its web site at www.cheniereenergypartners.com.

For additional information, please refer to the Cheniere Energy Partners, L.P. Quarterly Report on Form 10-Q for the period ended March 31, 2008, filed with the Securities and Exchange Commission.

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 Energy Partners' business strategy, plans and objectives and (ii) statements expressing beliefs and expectations regarding the development of Cheniere Energy Partners' LNG receiving terminal business. Although Cheniere Energy Partners 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 Energy Partners' 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 Energy Partners' 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 Energy Partners does not assume a duty to update these forward-looking statements.

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