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AUSTRALIA,JAPAN : Five major utility firms in Japan inks $71.8 bn LNG deal with Ichthys, Australia
Publish Date : 09-Dec-2011
Five major utility firms in Japan has inked a $71.8-billion contract for acquiring Liquefied Natural Gas (LNG) from Australia\'s proposed Ichthys Project. This investment becomes the Japan\'s biggest single financial investment in the country.
As per the deal inked which includes Tokyo Electric Power Company, Tokyo Gas Co, The Kansai Electric Power Co., Osaka Gas Co, and Kyushu Electric Power Company Inc, from Ichthys 4.0 million tonnes per annum (mtpa) of LNG would be acquired beginning from 2017.
The Ichthys LNG project would supply 70 per cent of its entire produce to Japanese companies. By end of the decade, it will boost total LNG exports of Australia to 80 million tonnes per year, exceeding Qatar - the world\'s largest LNG exporter, currently having export capacity of 77 million tonnes per year.
Ichthys is a joint venture between Tokyo-listed Inpex and French energy giant Total, where in Inpex holds 76-per cent stake and the balance 24 per cent is held by Total.
