Japan's Chubu Electric Power Ltd will start importing 700,000 metric tons of liquefied natural gas (LNG) a year from the Tangguh LMNG plant under an 8-year contract.
The government approved the sale to Chubu after Korea Gas (Kogas) Corp. postponed imports from Tangguh in Papua, Raden Priyono, head of the upstream oil and gas regulator (BP Migas), said.
Kogas earlier signed a contract to import 1 million tons of LNG from Tangguh, which is operated by BP Indonesia in 2010-2012 period.
However, apparently on economic crisis, the Korean firm postponed imports of remaining 300,000 metric tons, Priyono was quoted as saying by the newspaper Investor Daily.
Chubu agrees to pay a price higher than the price for other buyers, he said giving no figure.
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