Five Japanese utilities have firmed up their agreements on volumes with the shareholders of the Inpex Corporation-led Ichthys LNG, wrapping up the sale of all 8.4 million tonnes per annum of LNG production from the $30 billion project.
In an anticipated statement Tuesday, Inpex said 70% of all sales from the Ichthys are destined for Japan.
Detailing the breakdown of the last clutch of sales and purchase agreements, Inpex said Tokyo Gas and Tokyo Electric are buying some 1.05 million tpa of LNG from Ichthys. Kansai Electric and Osaka Gas are taking 800,000-tpa and Kyushu Electric 300,000 tpa.
The sales start from 2017 and run over 15-year periods.
Today's SPAs come on top of deals with Chubu Electric Power for 490,000 tpa, Toho Gas for 280,000 tpa and Taiwan’s CPC for 1.75 million tpa from Ichthys.
Main shareholder Inpex on 76% and Total, 24%, are buying some 1.8 million tpa.
Osaka Gas announced today that it is also taking a 1.2% stake in the project. Total said this week that it wants to raise its shareholding in Ichthys to 30%.
Inpex said it may sell off a total of 10% of its stake in the project and is in talks with other companies over other equity buy-ins.
Two-train Ichthys is scheduled for fourth quarter 2016 start-up.
