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Japan's JERA, the world's largest buyer of liquefied natural gas (LNG), said it had signed a memorandum of understanding
with Abu Dhabi Gas Liquefaction Co.
Ltd.
to sell and purchase liquefied natural gas supplies, according to Reuters on August 9 Tokyo.
Compared to previous agreements, the agreement is supplied in smaller quantities and for shorter
terms.
JERA, a fuel joint venture between Tokyo Electric Power Company and Chubu Electric Power Company, said in a statement that the company will purchase up to eight batches of liquefied natural gas, or up to 500,000 tons
, per year starting in April 2019.
JERA said the agreement was in line with a June 2017 ruling by the Japan Fair Trade Commission that declared destination restriction clauses anticompetitive and required destination flexibility
in LNG contracts.
JERA currently has a 25-year long-term LNG contract with Abu Dhabi, which expires
in March 2019.
By then, 4.
3 million tons of LNG
will be purchased annually.
The new agreement, which has a shorter term and fewer trading volumes, highlights the evolution
of the LNG market over the past few years.
Japan's JERA, the world's largest buyer of liquefied natural gas (LNG), said it had signed a memorandum of understanding
with Abu Dhabi Gas Liquefaction Co.
Ltd.
to sell and purchase liquefied natural gas supplies, according to Reuters on August 9 Tokyo.
Compared to previous agreements, the agreement is supplied in smaller quantities and for shorter
terms.
JERA, a fuel joint venture between Tokyo Electric Power Company and Chubu Electric Power Company, said in a statement that the company will purchase up to eight batches of liquefied natural gas, or up to 500,000 tons
, per year starting in April 2019.
JERA said the agreement was in line with a June 2017 ruling by the Japan Fair Trade Commission that declared destination restriction clauses anticompetitive and required destination flexibility
in LNG contracts.
JERA currently has a 25-year long-term LNG contract with Abu Dhabi, which expires
in March 2019.
By then, 4.
3 million tons of LNG
will be purchased annually.
The new agreement, which has a shorter term and fewer trading volumes, highlights the evolution
of the LNG market over the past few years.
