Centrica and Tokyo Gas agree on Mozambique LNG Project

Posted On February 5th, 2019 - 2:03 pm | by Oil and gas press

Tokyo Gas Co., Ltd., a leading energy company and the largest city gas provider in Japan, and Centrica LNG Company Limited, a subsidiary of Centrica plc, have announced that they have jointly signed a binding Sale and Purchase Agreement (SPA) with Mozambique LNG1 Company Pte Ltd., the jointly owned sales entity of the Mozambique Area 1 co-venturers, for the long-term offtake of Liquefied Natural Gas (LNG).

The signing of the SPA follows a non-binding Heads of Agreement which was signed in June 2018.

Tokyo Gas and Centrica have agreed to jointly purchase 2.6 million tonnes per annum, delivered ex-ship from Mozambique LNG from the start-up of production until the early 2040s. This agreement provides the project with key foundation customers which will support the final investment decision by the Mozambique Area 1 joint venture partners, targeted for the first half of 2019.

This innovative joint procurement approach takes full advantage of Mozambique’s central location between Europe and Asia, assisting both companies to access diverse markets and proactively manage demand fluctuations across regions with different market dynamics.

It also represents the first long-term LNG procurement contract in Africa for both Tokyo Gas and Centrica in line with ongoing efforts to further diversify their respective portfolios of LNG sources. This will improve the liquidity and further develop the global LNG market.

Source / More : Centrica

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