Report: Jera in first LNG resale to South Korea

Report: Jera in first LNG resale to South Korea

Japan’s Jera, the joint company of Tepco and Chubu Electric and the largest importer of liquefied natural gas has made its first delivery outside Japan by reselling a cargo to South Korea. 

Jera’s senior executive vice president and chief fuel transactions officer, Hiroki Sato, told Reuters, the company has agreed to resell about 60,000 tons of liquefied natural gas to Itochu Corp for December delivery.

The cargo will be stored in a storage tank at the Gwangyang terminal, Itochu leased from Posco, Sato said.

Liquefied natural gas was initially sourced through one of the company’s three long-term contracts for Indonesian supply.

Sato added that the company is working on similar deals with European and Asian buyers, hopeful of concluding new sales before the end of the year.

Jera is targeting an increase in the volumes of liquefied natural gas it sells in Japan and abroad up to between 3 to 4 million tons per year. This is 10 percent of the total LNG trading volumes with an eye of incresing the percentage to 20 or 30 ercent by 2030.

In regards to the destination clauses in LNG supply contracts, Sato added that the company is not working on removing the clause from its existing long-term deals, rather awaiting offers from sellers to extend the existing deals and omit the destination clause in return.

 

LNG World News Staff

Share this article

Follow LNG World News

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

5th CWC China LNG & Gas International Summit & Exhibition

5th CWC China LNG & Gas International Summit & Exhibition will return 16 – 17 October 2019, bringing together the key players…

read more >

LNG Pricing, Trading & Hedging Houston

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

Offshore Energy Exhibition and Conference 2019

The three-day event includes an exhibition where an expected 600+ supply chain companies will showcase their products and services.

read more >