GDF SUEZ and Chubu Electric sign medium term LNG Sales Agreement
GDF SUEZ announces the signature of a Heads of Agreement providing for the sale of LNG to Chubu Electric of Japan (Chubu).
Under the terms of the agreement, GDF SUEZ will deliver 20 cargoes (around 1.2 million tons) of Liquefied Natural Gas (LNG) to Chubu for a 27-month period starting in the first quarter of 2015. LNG will be sourced from GDF SUEZ global supply portfolio.
Jean-Marie Dauger, executive Vice-President of GDF SUEZ, in charge of the Global Gas & LNG business line, said:
“This sales agreement shows once again GDF SUEZ commitment to develop its sales in Asia, a region with growing LNG needs. LNG is playing a critical role in Japan’s energy mix. As a safe and reliable supplier, we are happy to reach such agreement with Chubu Electric, a significant and experienced player in the field of LNG in Japan”.
Japan imported in 2013 around 88 million tons of LNG which represents 37.5% of the world LNG consumption. In the next decade Japan is expected to remain one of the major gas importers. Since first January 2012, the GDF SUEZ Group has delivered more than 6.6 million tons of LNG to Asian countries with respect to its medium and long term agreements.
Chubu Electric Power Co., Inc. is Japan’s third-largest electric power company in power generation capacity, electric energy sold, operating revenues, and total assets. Chubu Energy division is engaged in the provision of gas and integrated energy including cogeneration system, as well as the storage, delivery and regasification of LNG.
The Chubu region is known as one of Japan’s leading manufacturing regions, and many world-class Japanese industries, including manufacturers of automobiles, machine tools, electric components, aircraft, and new materials, are centered here.
GDF SUEZ is a global LNG player and the main LNG importer in Europe. GDF SUEZ has the third largest LNG supply portfolio in the world, supplied from six different countries, and representing 16 mtpa. It controls a large fleet of 14 LNG carriers under mid and long term charter agreements.
