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The signing of a major memorandum of understanding on the sale and purchase of liquefied natural gas (LNG) with ADNOC, a company based in Abu Dhabi, United Arab Emirates (UAE).
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August 6, 2024
Osaka Gas Co., Ltd.
Osaka Gas Co., Ltd. (Representative Director and President: Masataka Fujihara, hereinafter referred to as "the Company") has entered into a primary terms memorandum ("this Agreement") with ADNOC, the national oil company of the United Arab Emirates ("ADNOC"), which is the seller, regarding the sale and purchase of liquefied natural gas ("LNG") produced in the Ruwais project.
The Ruwais project plans to supply LNG produced at a new LNG base (maximum production capacity of about 9.6 million tons per year) to various countries including Japan in the Ruwais industrial city in Abu Dhabi.
The contract period of this Agreement is a long-term contract from the latter half of the 2020s. This is the first time that our company has procured LNG from ADNOC in the long term, and it greatly contributes to the stability of our LNG procurement.
The outline of this Agreement is as follows. Negotiations for entering into a sales and purchase agreement with the seller will be conducted in the future.
| [Outline of this Agreement] | |
| (1) Seller: | ADNOC |
| (2) Buyer: | Our company・Osaka Gas Energy Supply and Trading Pte. Ltd. |
| (3) Contract period: | Long-term contract from the latter half of the 2020s |
| (4) Contract quantity: | Maximum of about 0.8 million tons per year |
| (5) Delivery condition: | DES (Delivered Ex Ship) *1 |
| *1 The seller arranges transportation by ship and transports it to the port of discharge. | |
The Daigas Group announced in its midterm management plan 2026 "Connecting Ambitious Dreams" on March 7, 2024 that it will work to stabilize supply and contribute to the transition period, and build a foundation for accelerating carbon neutrality towards 2030. We will continue to work on the stable procurement, development, and supply of natural gas as an energy source that plays an important role in the transition period, and contribute to decarbonization.
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