Inpex Corp, Japan’s biggest oil and gas explorer, said on Tuesday that it has signed a long-term liquefied natural gas (LNG) sales and purchase agreement with U.S.-based Venture Global LNG, Report informs, citing foreign media sources.
Under the agreement, Inpex will buy one million tonnes per annum (mtpa) of LNG 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.