Press Release
Chubu Electric and KOGAS execute Tripartite LNG Sales and Purchase Agreement with ENI~ The Very First International Joint Purchase in Asia ~
January 11, 2013
Chubu Electric Power Co.,Inc.
Chubu Electric Power Company, Inc. ("Chubu Electric"; Head office: 1, Higashi-shincho, Higashi-ku, Nagoya, Aichi Prefecture; President: Akihisa Mizuno) and Korea Gas Corporation ("KOGAS"; Head office: 215, Jeongja-dong, Bundan-gu, Seongnam-si, Gyeonggi-Do,463-754, South Korea; CEO: Kangsoo Choo) had executed a tripartite LNG sales and purchase agreement with ENI ("ENI" ; Head office: Piazzale Mattei 1,00144, Roma, Italy; CEO: Paolo Scaroni).
Under the agreement, Chubu Electric and KOGAS will, for a period from May 2013 to December 2017, purchase 28 cargoes of LNG from ENI. Quantities of LNG shared by Chubu Electric and KOGAS will be able to be reallocated between the two companies.
The agreement represents the very first international joint purchase in Asia. Chubu Electric and KOGAS believe that the joint purchase by two companies among the large volume LNG players in the world will contribute to the stable and flexible procurement of LNG for each other.
1 Outline of the Agreement
|
Seller |
ENI S.p.A. |
|---|---|
|
Buyers |
Chubu Electric Power Company, Inc. and Korea Gas Corporation |
|
Duration |
May 2013 to December 2017 |
|
Quantity |
28 cargoes over the term ( ie. approximately 1,680,000MT if a 60,000 MT capacity vessel is used) |
|
Source |
ENI's global portfolio |
|
Delivery |
Ex-Ship basis |
2 ENI in Brief
|
Full name |
ENI S.p.A. |
|---|---|
|
Address |
Rome, Italy |
|
Representative |
Paolo Scaroni, CEO |
|
Investor |
Italian state: 30%, treasury stocks: 10% etc |
3 KOGAS in Brief
|
Full name |
Korea Gas Corporation |
|---|---|
|
Address |
Gyeonggi-Do, South Korea |
|
Representative |
Kangsoo Choo, CEO |
|
Investor |
Korean state: 26.86%, Korea Electric Power Corporation: 24.46%,local government: 9.59% etc |