Kyushu Electric to sign 20-year deal to buy LNG from US Lake Charles project
TOKYO, May 29 (Reuters) - Japan's Kyushu Electric Power 9508.T said on Thursday it will sign a 20-year purchase contract with U.S. energy firm Energy Transfer ET.N to buy up to 1 million metric tons of liquefied natural gas a year from the Lake Charles LNG project.
It marks the Japanese utility's first long-term LNG purchase deal from the United States and is expected to diversify the company's procurement sources and contribute to stable procurement, the company said in a statement.
The contract is on free-on-board (FOB) terms with no destination restrictions, allowing the utility to procure LNG flexibly in response to fluctuations in electricity supply and demand, such as adjusting receipt timing at its discretion or selling to other companies when demand is low.
Earlier this month, Energy Transfer said it was nearing a go-ahead on its Lake Charles LNG project after an unnamed Japanese company agreed to buy 1 million metric tonnes of LNG from the proposed export facility.
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