Japan’s Tokyo Electric Power (TEPCO), Tokyo Gas and Osaka Gas said that they have concluded a Heads of Agreement (HOA) with Brunei LNG Sendirian Berhad for the purchase of liquefied natural gas.
“ LNG procurement from the Brunei LNG Project through a consortium formed by the three companies has been ongoing since 1972 ,” Tokyo Gas said in a statement.
“ However, as the existing LNG sales and purchase contract valid from 1993 is set to expire on March 2013, in 2010 the thrree companies and Brunei LNG entered into a discussion to extend the contract and have reached a basic agreement that will allow the the three companies to buy approximately 3.40 million tons of LNG per annum over a period of 10 years starting from April 2013 ,” the company added.
In accordance with this agreement, the three companies and Brunei LNG will move forward with discussions to conclude a new LNG sales and purchase contract.
[mappress]
LNG World News Staff, March 15, 2012; Image: JGC