BP, Kansai Electric Sign LNG Deal

BP has agreed to supply LNG to Japanese utility Kansai Electric Co., the company announced Thursday.

The two entities have also signed a cooperation agreement for the purpose of exploring opportunities for business collaboration.

As per the agreements, BP will provide Kansai Electric with up to 13 million tonnes of LNG over 23 years, from BP's diverse portfolio of LNG sources. In addition, the agreements provide for Kansai Electric and BP to explore areas of cooperation across a wide range of LNG business activities such as LNG trading, and optimization of LNG ship operations.

Paul Reed, Chief Executive of BP Integrated Supply and Trading, said: "Building on a separate LNG sale and purchase agreement signed in 2013, this new LNG deal entails additional supply from BP's portfolio.”