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Oil Prices Rise On New Stimulus Hopes

Oil Prices Rise On New Stimulus Hopes

Oil prices were up on…

Japan Sign Long-Term LNG Supply Contract with Qatar

Japan has been one of the largest importers of LNG for quite some time, and has had a good relationship with Qatari natural gas producers for over 40 years.

Since shutting down its nuclear energy sector, following the Fukushima disaster, Japan has had to rely more heavily on imported fossil fuels. So it is of little surprise to learn that a new long term contract has been signed that will guarantee Japan with a steady supply of LNG from Qatar.

The Tokyo Electric Power Company (TEPCO), the largest Japanese buyer of LNG, has signed the agreement that will see Qatargas Operating Company supply one million tonnes of LNG per year on a long-term basis.

The contract was signed by Dr Mohammed Bin Saleh Al-Sada, Minister of Energy and Industry and chairman of Qatargas, and Takao Arai, managing director of TEPCO.

Dr Al-Sada stated that, “as the largest LNG-producing company in the world, Qatargas is committed to providing reliable energy supplies to all four corners of the world. Today's agreement reinforces our strong relationship with one of Qatargas' foundation customers and demonstrates our continued long-term commitment to supply LNG to Japan. We are doing all we can to support Japan's continuous requirement for stable energy supplies.”

By. Charles Kennedy of Oilprice.com



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