Conclusion of LNG Sale and Purchase Heads of Agreement with Brunei LNG Sendirian Berhad

abarrelfullabarrelfull wrote on 15 Mar 2012 11:31
Tags: brunei lng osaka-gas tepco tokyo-gas

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The Tokyo Electric Power Co, Inc.("TEPCO"), Tokyo Gas Co.,Ltd.("Tokyo Gas"), and Osaka Gas Co.,Ltd.("Osaka Gas"),(hereafter "the Buyers") today concluded a Heads of Agreement ("HOA") with Brunei LNG Sendirian Berhad ("Seller") for the purchase of liquefied natural gas ("LNG").

LNG procurement from the Brunei LNG Project through a consortium formed by the Buyers has been ongoing since 1972. However, as the existing LNG sales and purchase contract valid from 1993 is set to expire on March 2013, in 2010 the Buyers and Seller entered into a discussion to extend the contract and have reached a basic agreement that will allow the Buyers to purchase approximately 3.40 million tons of LNG per annum over a period of 10 years starting from April 2013. In accordance with this agreement, the Buyers and Seller will move forward with discussions to conclude a new LNG sales and
purchase contract.

The Buyers and Seller have built a strong relationship spanning over 40 years and this agreement will serve to maintain stable trade as well as contribute to the Buyers' stable procurement of LNG used for power generation and city gas production.

From here on, the Buyers will work towards the stable and efficient procurement of fuels for power generation and feedstock for city gas in order to maintain a secure supply of energy.

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