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Veresen reaches preliminary agreement with ITOCHU for sale of liquefaction capacity

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LNG Industry,

Veresen Inc. has released a statement claiming that it has reached a preliminary agreement regarding commercial terms with ITOCHU Corp. for the long-term sale of natural gas liquefaction capacity at the Jordon Cove LNG facility in Coos Bay, Oregon, US.

The preliminary agreement considers purchase of 1.5 million tpy of capacity by ITOCHU for an initial term of 20 years. A definitive liquefaction tolling agreement will have to be reached before the agreement can be finalised.

In March 2016, Veresen finalised key commercial terms with JERA Co. Inc. in respect of the long-term provision of natural gas liquefaction capacity to JERA at the Jordon Cove facility. The preliminary agreement covered at least 1.5 million tpy of capacity for an initial term of 20 years. Veresen claims that negotiations are still ongoing with other parties for the remaining liquefaction capacity.

Don Althoff, the President and CEO of Veresen, said: “This is the second major customer agreement for the Jordan Cove LNG project and it represents further proof of the market support for this project.

“ITOCHU is a leading global energy company and we are pleased to have them as an additional foundation customer for the Jordan Cove LNG project.”

Edited from press release by David Rowlands

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