04/03/2008 - 18:02

NW Shelf venture signs off on new LNG contract

04/03/2008 - 18:02

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North West Shelf Australia Pty Ltd has confirmed the signing of a heads of agreement with Japan's Chubu Electric for the supply of around 500,000 tonnes of LNG per year, over the next seven years.

NW Shelf venture signs off on new LNG contract

North West Shelf Australia Pty Ltd has confirmed the signing of a heads of agreement with Japan's Chubu Electric for the supply of around 500,000 tonnes of LNG per year, over the next seven years.

 

A North West Shelf Australia Pty Ltd announcement appears below:

NORTH WEST SHELF LNG VENTURE SIGN SALES AND PURCHASE AGREEMENT WITH CHUBU ELECTRIC

Further to its news release on 12 October 2006, the North West Shelf LNG Venture sellers confirm that following the signing of a binding Heads of Agreement a Sales and Purchase Agreement (SPA) has now been executed with Chubu Electric for the supply of around 0.5 million tonnes of LNG a year starting in April 2009, for seven years on an ex-ship basis.

This agreement increases the North West Shelf LNG Venture sales to Chubu Electric to around 1.1 million tonnes a year after 2009.

North West Shelf Australia LNG President Peter Cleary welcomed the completion of the SPA between Japan's third largest power utility Chubu Electric and each North West Shelf LNG Venture seller.

"The North West Shelf LNG Venture sellers highly value their long-standing business relationship and friendship with its Japanese customers and we are delighted that Chubu Electric which has been a major customer of ours since 1989 has chosen to continue this relationship through the additional purchase of LNG.

As previously stated we believe that this confirms growing market interest in the safe, secure and reliable supplies of LNG from the North West Shelf," Mr Cleary said

The six equal participants in the North West Shelf LNG Venture are: BHP Billiton Petroleum (North West Shelf) Pty Ltd; BP Developments Australia Pty Ltd; Chevron Australia Pty Ltd; Japan Australia LNG (MIMI) Pty Ltd; Shell Development (Australia) Proprietary Limited; and Woodside Energy Ltd (Operator).

CNOOC NWS Private Limited is also a member of the North West Shelf Venture but does not have an interest in North West Shelf Venture infrastructure.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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