PNG Gas Shipment Powers Tokyo For 3 Days

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$50 million shipment first of many over next 20 years

By Gorethy Kenneth

PORT MORESBY, Papua New Guinea (PNG Post-Courier, June 10, 2014) – Papua New Guinea’s recent gas shipment sold to the Tokyo Electric Power Company (TEPCO) last week for more than US$50 million has powered Tokyo and other prefectures for three days.

The Post-Courier contacted the company with questions on the gas and purchase agreement with Papua New Guinea liquefied natural gas Global Company LDC, the seller of LNG from the Papua New Guinea LNG Project last Friday.

TEPCO said the gas it purchased helped to supply electricity to Tokyo and parts of Kanagawa, Saitama, Chiba, Tochigi, Gunma, Ibaraki, Yamanashi and east Shizuoka.

TEPCO also stated that they will purchase approximately 1.8 million tons of LNG per year for 20 years starting from late 2014 and that the PNG LNG Project will have an annual supply capacity of approximately 6.6 million tons of LNG.

TEPCO’s president Naomi Hirose who met with Prime Minister Peter O’Neill said in his statement that TEPCO considers that the PNG LNG Project is one of the most promising projects that was initially expected to start-up by the mid-2010, however kicked off in mid 2014 and that the overall terms and conditions of the agreement are attractive for both parties.

The PNG LNG Project is an integrated development which includes gas production and processing facilities, onshore and offshore pipelines and liquefaction facilities.

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