PARTICIPANTS in the PNG liquefied natural gas (LNG) project have signed a 20-year binding sales and purchase deal involving the supply of 1.8 million tonnes of gas per year.
Led by ExxonMobil’s subsidiary and project operator Esso Highlands Ltd, the long-term agreement was with Japan’s Tokyo Electric Power Co Inc (Tepco).
“This agreement is the foundation of a new relationship bringing together a premier Japanese LNG customer and an important new LNG supplier.
“It will provide important and complementary benefits to all parties,” Ron Billings, vice-president, LNG, ExxonMobil Gas & Power Marketing Co.
“This is yet another key milestone in the project’s schedule.”
Tepco is the largest power utility company in Japan serving 28 million customers and one of the world largest LNG importers with 20 million tonnes last year.