Inpex Signed Long Term SPA with Venture Global LNG

SEATTLE (Oil Monster): A subsidiary of the Japanese energy company Inpex Corporation has signed a long-term Sales and Purchase Agreement (SPA) with Venture Global LNG, by which it has agreed to purchase one million tonnes per annum (1MTPA) of liquefied natural gas (LNG) for a period of 20 years.

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According to the agreement, INPEX Energy Trading Singapore Pte. Ltd. (IETS), a Singapore-based subsidiary of INPEX, will purchase 1MTPA of LNG from CP2 LNG- a project by Venture Global which is expected to begin construction in 2023. The other energy majors who have already joined the project includes ExxonMobil, Chevron, EnBW and New Fortress Energy. 

Commenting on the deal, Mike Sabel, CEO, Venture Global noted that the company is delighted to welcome INPEX, Japan’s largest gas exploration and production company, as a customer at CP2 and expand its customer base in Asia. Venture Global looks forward to supporting INPEX and provide secured LNG supply to the key market, he added.

The new agreement is expected to help INPEX Group to procure LNG from the U.S. on a long-term basis.