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27 Dec 2022

Japan’s Mitsui, Itochu and Jera to Sign New Long-Term Contracts to Buy LNG From Oman -Nhk

27 Dec 2022  by https://www.reuters.com/   
The logo of Japanese trading company Mitsui & Co. is seen in Tokyo, Japan, January 10, 2018. REUTERS/Toru Hanai/File Photo
 
TOKYO, Dec 27 (Reuters) - Japan's trading houses Mitsui & Co (8031.T), Itochu Corp (8001.T) and Japan's biggest power generator JERA are expected to sign new long-term contracts to buy liquefied natural gas (LNG) from Oman, NHK said on Tuesday.
 
The Japanese companies are expected to buy a total of about 2 million tonnes of LNG, starting from 2025, through around 10-year contracts, public broadcaster NHK said.
 
The move will help the resource-poor Japan to diversify supply sources for the fuel which has been tight in global supply following Russia's invasion of Ukraine and a series of sanctions by the West on Russian energy.
 
The Japanese companies will likely make agree on the contracts on Tuesday and Japanese industry minister Yasutoshi Nishimura, who is currently visiting the Middle East, will attend the signing ceremony, NHK said.
 
Mitsui, Itochu and JERA were not immediately available for comments.
 
Japan imported 1.9 million tonnes of LNG in 2021, accounting for 2.6% of Japan's total imports.
 
Other Japanese companies are also in negotiations with Oman to buy LNG, NHK said.

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