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LNG sector boosted by $billion deal with Japanese power company

PlutoLNGAustralia’s liquefied natural gas (LNG) sector looks set to go from strength to strength with the news today that Woodside, Australia’s largest independent oil and gas company, has signed a sales and purchase agreement with Japan’s Chubu Electric, estimated to be worth $1.2 billion.

Under the agreement, Woodside will supply Chubu with approximately 1.5 million tonnes of LNG over a three year period commencing April 2014.

LNG delivered to Chubu under the agreement will primarily be sourced from Woodside’s Pluto LNG project north west of Karratha in Western Australia.

Woodside CEO, Peter Coleman said the agreement added to the company’s long-term relationships with major Japanese energy buyers.

“The agreement demonstrates the importance of Pluto LNG volumes in meeting growing regional demand for natural gas and also Woodside’s increasingly diverse LNG purchasing, sales and shipping arrangements,” Mr Coleman said.

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