Jera to Buy LNG from Malaysia

Nagoya, June 11 (Jiji Press)–Japanese power generation company Jera Co. has signed a contract with a unit of Malaysian state-owned energy company Petroliam Nasional Bhd. to buy up to 2 million tons of liquefied natural gas per year for 20 years, starting in 2028. Jera aims to stabilize energy supplies in Japan and avoid overreliance on specific suppliers amid intensifying concerns over global energy flows, stemming from tensions in the Middle East, according to a statement released by the company Wednesday. The purchase price was not disclosed. Jera and Petroliam Nasional, known as Petronas, have maintained LNG trading ties for about four decades. The latest deal followed a memorandum of understanding signed between the two companies last year to strengthen cooperation over the LNG value chain. On Wednesday, Japanese Prime Minister Sanae Takaichi met with her Malaysian counterpart, Anwar Ibrahim, at the prime minister’s office in Tokyo. The two leaders affirmed cooperation on stable LNG supplies from Malaysia. Jera’s major LNG supply sources include producers across Asia as well as Australia and the United States. Last year, the company reached a basic agreement with several U.S. LNG sellers to procure 4.5 million tons of LNG, as part of its effort to diversify sourcing. END [Copyright The Jiji Press, Ltd.]