Japan’s biggest oil and gas explorer, Inpex Corp, said on Tuesday it has signed a long-term LNG sales and purchase agreement with Venture Global, the US-based LNG firm.
Under the agreement, Inpex will buy one million tonnes per annum (mtpa) of of liquefied natural gas for 20 years on a free-on-board basis, Inpex said in a statement.
The agreement was signed between the subsidiaries of the two companies, INPEX Energy Trading Singapore Pte Ltd (IETS) and Venture Global CP2 LNG LLC.
IETS will buy the LNG from Venture Global LNG’s CP2 LNG project in Louisiana, which is expected to begin construction in 2023, according to Inpex’s statement.
The LNG will be delivered to INPEX’s Naoetsu LNG terminal and other terminals in Japan.
- Reuters with additional editing by Jim Pollard