Chubu, GAIL May Sign Agreement to Jointly Purchase LNG

Chubu Electric and trading house Mitsui & Co are close to signing MoUs with Indian firms to cooperate in the energy sector, industry sources told news agency Reuters.

President of Chubu, Akihisa Mizuno told reporters in Tokyo that the utility aims to sign an agreement with India's GAIL as soon as possible to launch talks on potential joint purchases of liquefied natural gas (LNG) and cooperation in other areas such as shipping, reports Reuters.

In September last year, India and Japan signed a joint statement to study LNG pricing in the Asia Pacific region.

“The two nations, as major LNG consuming countries in Asia, will work together towards the development of a market environment that would enable effective, stable and globally competitive LNG procurement,” India’s oil ministry had said in a statement last year.

Earlier this year, Indian Prime Minister Manmohan Singh while dedicating Petronet’s Kochi LNG terminal to the nation, reiterated the idea of  Asian LNG buyers’ club to demand fair price for LNG imported from outside Asia,

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