JAKARTA, Mar 01, 2010 (AsiaPulse via COMTEX) --
The Indonesian and Japanese energy and mineral resources ministers will soon sign extension of contracts to export liquefied natural gas (LNG) to Japan's western buyers.
The Bontang LNG plant in East Kalimantan has to prepare for the shipments to the six buyers in western Japan including Chubu EPC, Kansai EPC, Kyushu EPC, Nippon Steel Co. Ltd (TSE:5401), Osaka Gas Co.Ltd (TSE:9532) and Toho Gas Co. Ltd. (TSE:9533), an official said.
Contracts for the western buyers will expire in June, the newspaper Investor Daily said.
Under the new contract, annual shipments of 3.2 million tons will begin next year until 2015 to be followed with the second phase with annual shipments of 2 million tons from 2016 to 2020, the paper said.
Budi Indianto, a deputy at the Upstream Oil and Gas Regulator (BP Migas) said talks on the contract extension including on volume and prices had reached the final phase.
Meanwhile, PT Badak NGL, the operator of the Bontang LNG plant, said the company hopes to sell 280 cargoes of LNG this year, down from last year's sales of 303 cargos.
A number of factors caused the decline including falling supply of gas from the LNG plant and the fact that the contract with the western Japanese buyers will expire in June this year, Nanang Untung, a director of PT Badak NGL said.
(ANTARA)maz
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Source: http://www.tradingmarkets.com/news/stock-alert/nistf_osgsf_indonesia-to-renew-lng-contract-with-western-japanese-buyers-810514.html
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