Venture Global LNG and INPEX CORPORATION announced the execution of a long-term Sales and Purchase Agreement (SPA) for the purchase of one million tonnes per annum (1MTPA) of liquefied natural gas (LNG) for 20 years.
Under the agreement, INPEX Energy Trading Singapore Pte. Ltd. (IETS), a Singapore-based subsidiary of INPEX, will purchase 1MTPA of LNG from CP2 LNG, Venture Global’s third project which is expected to commence construction in 2023.
INPEX joins other CP2 LNG customers including ExxonMobil, Chevron, EnBW and New Fortress Energy.
“Venture Global is delighted to welcome INPEX, Japan’s largest gas exploration and production company, as a customer at CP2 and expand our customer base in Asia,” said Venture Global CEO Mike Sabel. “We are honored to provide security of LNG supply to this key market and look forward to supporting INPEX as it delivers our competitive lower carbon energy to the region.”
“This agreement will enable the INPEX Group to procure LNG from the United States on a long-term basis, expand its LNG supply capacity, and diversify its supply sources to further contribute to the stable supply of energy,” said Hiroshi Kato, Executive Officer and Senior Vice President of Global Energy Marketing at INPEX.
