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Nippon Oil & Energy Enters SPA with Chevron for the Purchase of Gorgon LNG

Tokyo, May 10, 2011 (JCN) - JX Nippon Oil & Energy (NOE) has concluded a Sale and Purchase Agreement for the Gorgon Project LNG with the Australian subsidiaries of Chevron Corporation. The Gorgon Project is an LNG project which is under development in Western Australia aiming to commence supplying from 2014 with Chevron as the operator.

In December 2009, NOE signed a 'Heads of Agreement' with Chevron on the purchase of 300,000 tons per annum of the Gorgon LNG for 15 years from 2015 (scheduled).

Since then, both companies have continued discussions on the detailed terms and conditions, and finally reached an agreement. This is the first long-term LNG sale and purchase agreement which NOE has entered into as an LNG Buyer.

NOE will receive the Gorgon LNG at 'Hachinohe LNG Terminal' which is currently under construction in Hachinohe City, Aomori, Japan (scheduled to start up its operation in April 2015).

From the Terminal, the supply will then be made to the northern part of Tohoku region, and also to the eastern part of Hokkaido through Kushiro LNG Satellite Terminal (scheduled to start up its operation in April 2015), where demand of natural gas and LNG is expected to increase mainly for industrial use.

JX Nippon Oil & Energy is promoting further utilization of environmentally-friendly natural gas and LNG, and also undertaking regional development initiatives.

By Jun Ota Staff Writer

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