LONDON (Alliance News) - Oil and gas giant BP PLC Thursday said it has signed a sale and purchase agreement and a cooperation agreement with Japan's Kansai Electric Co Inc.
Under the deal, BP will supply Kansai with up to 13 million tonnes of liquefied natural gas over a 23 year period from its diverse portfolio of LNG sources. The cooperation agreement will see the two companies explore areas of cooperation across a wide range of LNG business activities such as LNG trading, and optimization of LNG ship operations.
"BP highly appreciates the long-term relationship with Kansai Electric that has resulted in the conclusion of these new LNG sales and co-operation agreements. Building on a separate LNG sale and purchase agreement signed in 2013, this new LNG deal entails additional supply from BP?s portfolio," said Paul Reed, chief executive of BP Integrated Supply and Trading.
BP shares were down 0.1% to 453.82 pence per share midday Thursday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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