INPEX enters 20-year purchase agreement with Venture Global for 1.1 million tons of LNG per year

(WO) — On Dec. 27, Venture Global LNG and INPEX Corporation announced the execution of a long-term sales and purchase agreement for the purchase of 1.1 million tons of liquified natural gas per year for 20 years.

Under the agreement, INPEX Energy Trading Singapore Pte. Ltd., a Singapore-based subsidiary of INPEX, will purchase 1.1 million tons per year of LNG from CP2 LNG, Venture Global's third project.

The project is expected to commence construction in 2023. INPEX joins other CP2 LNG customers including ExxonMobil, Chevron, EnBW and New Fortress Energy.

"Venture Global is delighted to welcome INPEX, Japan's largest gas exploration and production company, as a customer at CP2 and expand our customer base in Asia," said Venture Global CEO Mike Sabel.

"This agreement will enable the INPEX Group to procure LNG from the United States on a long-term basis, expand its LNG supply capacity, and diversify its supply sources to further contribute to the stable supply of energy," said Hiroshi Kato, Executive Officer and Senior Vice President of Global Energy Marketing at INPEX.