Inpex Energy Trading Singapore (IETS) has signed a 20-year sales and purchase agreement (SPA) with Venture Global CP2 LNG involving the purchase of 1 million tonnes per annum (Mtpa) of liquefied natural gas (LNG).

The agreement will enable the Inpex Group to procure LNG from the United States – one of the world’s leading LNG exporters – on a long-term basis, expand its LNG supply capacity and diversify its supply sources to further contribute to the stable supply of energy worldwide.

IETS will purchase the LNG from Venture Global LNG’s CP2 LNG project, which is expected to begin construction in 2023 in Louisiana after obtaining necessary government approval.

The LNG will be delivered to INPEX’s Naoetsu LNG Terminal as well as other terminals of customers in Japan and other countries.

As outlined in INPEX Vision @2022 announced in February 2022, Inpex aims to achieve a stable supply of clean energy by expanding its LNG trading business and strengthen its midstream and downstream businesses, and plans to increase the volume of LNG handled by about 3Mtpa, rising to 10Mtpa by 2030.