Signing of HOA for Purchase of LNG from Sakhalin II Project

abarrelfullabarrelfull wrote on 30 Dec 2013 13:44

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February 9,2007

On February 8, 2007, Osaka Gas signed the Heads of Agreement (HOA) for the purchase of LNG from Sakhalin II Project. According to the agreement between Osaka Gas and Sakhalin Energy Investment Company Ltd., the annual base volume of 200,000 tons would be delivered on FOB basis for the contract duration of 23 years starting in fiscal 2008.

This will be the first experience for Osaka Gas to procure LNG from Russian Federation. Upon signing of the HOA, the two companies will proceed with negotiations for execution of a sale and purchase agreement.

Based on its natural gas liquefaction plant located in Prigorodnoye, Sakhalin Oblast, Russian Federation, Sakhalin II Project will supply LNG mainly to Japan, Korea and North America with a maximum annual production capacity of approximately 9.6 million tons,.

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