INPEX Enters LNG Sales and Purchase Agreement with Venture Global LNG
INPEX CORPORATION (INPEX) announced today that INPEX Energy Trading Singapore Pte. Ltd. (IETS), a Singapore-based subsidiary, has signed a 20-year sales and purchase agreement with Venture Global CP2 LNG, LLC, a US-based subsidiary of Venture Global LNG, for the purchase of one million tons per annum (MTPA) of liquefied natural gas (LNG).
This agreement will enable the INPEX Group to procure LNG from the United States – one of the world’s
leading LNG exporters – on a long-term basis, expand its LNG supply capacity and diversify its supply sources to further contribute to the stable supply of energy worldwide.
IETS will purchase the LNG from Venture Global LNG’s CP2 LNG project, which is expected to begin construction in 2023 in Louisiana after obtaining necessary government approval. The LNG will be delivered to INPEX’s Naoetsu LNG Terminal as well as other terminals of customers in Japan and other countries.
As outlined in INPEX Vision @2022 announced in February 2022, INPEX aims to achieve a stable supply of clean energy by expanding its LNG trading business and strengthen its midstream and downstream businesses. To resolutely promote this initiative, the company plans to increase the volume of LNG handled by about 3 MTPA aiming to handle about 10 MTPA by 2030 combining its equity volume from current projects.
About the LNG Sales and Purchase Agreement
Seller – Venture Global CP2 LNG, LLC
Buyer – INPEX Energy Trading Singapore Pte. Ltd.
Term – 20 years
Quantity – Approximately 1 MTPA
Delivery terms – Free On Board
INPEX CORPORATION is Japan’s largest exploration and production (E&P) company, and is currently involved in projects across multiple continents, including the Ichthys LNG Project in Australia as Operator. By thoroughly making its oil and gas business cleaner while expanding its 5 net zero business areas, INPEX aims to provide a stable supply of diverse and clean energy sources including oil, natural gas, hydrogen and renewables as a pioneer in energy transformation.
Source INPEX Corporation