Reuters is reporting that Japan’s JERA has signed an agreement with Mitsubishi Corp for 16 cargoes of LNG from the LNG Canada project.
JERA and Diamond Gas International (a Mitsubishi Corp unit) signed the Heads of Agreement (HoA) for a reported 15 years from the start of the financial year commencing in April 2024.
This deal marks the first time that JERA, the world’s top importer of natural gas, has purchased LNG from Canada.
The agreement is also reportedly compliant with the Japanese Fair Trade Commission’s ruling in June 2017 regarding anti-competitive destination clauses.