Japan's Inpex pens LNG deal with Venture Global
Japanese energy company Inpex Corporation has signed a long-term deal with US-based Venture Global LNG to buy 1mn metric tons/year of LNG for 20 years, the companies said on December 27.
Under the agreement, Inpex Energy Trading Singapore, a Singapore-based subsidiary of Inpex, will purchase the LNG from CP2 LNG, Venture Global's third project which is expected to start construction in 2023. Inpex joins other CP2 LNG customers including ExxonMobil, Chevron, EnBW and New Fortress Energy.
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The LNG will be delivered to Inpex’s Naoetsu LNG terminal in the Niigata Prefecture as well as other terminals of customers in Japan and other countries.
Inpex earlier this year announced it aims to achieve a stable supply of clean energy by expanding its LNG trading business and strengthen its midstream and downstream businesses. The company plans to increase the volume of LNG handled by about 3mn mt/yr to 10mn mt/yr by 2030 combining its equity volume from current projects.
Venture Global's first facility, Calcasieu Pass, started producing LNG in January this year. The company is also constructing an additional 60mn mt/yr of production capacity in Louisiana. It is developing carbon capture and sequestration (CCS) projects at each of its LNG facilities.