Sakhalin Energy Signed Agreement with Chubu Electric
OREANDA-NEWS. On August 02, 2007 Sakhalin Energy Investment Company Ltd. (Sakhalin Energy), operator of the Sakhalin II Project, has signed a new liquefied natural gas (LNG) Sales and Purchase Agreement (SPA) with Japan’s Chubu Electric Power Co., Inc, reported the press-centre of Sakhalin Energy.
The transaction calls for the supply of approximately 0,5 million tonnes per annum (mtpa) of LNG for a period of 15 years, with deliveries to commence in April 2011.
Signing of the SPA follows an earlier Heads of Agreement (HoA) that was signed on July 12, 2006, and completes the full terms and conditions of the LNG sales and purchase agreement.
Sakhalin Energy’s Chief Executive Officer, Ian Craig, said: “We have worked closely with Chubu Electric for some time and we are extremely pleased to have signed the final agreement today. We look forward to building a long-term mutually beneficial relationship with the company. The signing of this SPA with Chubu Electric confirms the continued strong customer desire to receive supplies from this pioneering Russian project.”
The LNG will be supplied from Sakhalin Energy’s LNG plant at Prigorodnoye at Aniva Bay on the southern tip of Sakhalin. The two trains of the plant will have a combined capacity of 9,6 million tonnes of LNG per annum. Last month Sakhalin Energy reached an important milestone, having imported a cargo of LNG for the initial commissioning and testing of the LNG plant.
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