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Eni signs LNG deal with South Korea, Japan

Published By United Press International
MILAN, Italy, Jan. 11 (UPI) -- Italian energy company Eni said Friday it signed an agreement with Japanese and South Korean energy companies for shipments of liquefied natural gas.

In the first joint purchase contract of its kind, Eni said it would ship as many as 1.7 million tons of LNG, or 28 cargoes, under the terms of a four-year agreement with Korea Gas Corp. and Japan's Chubu Electric Power Co.

Eni said it would determine which party gets the LNG shipments depending on allocation needs.

Seoul expects LNG demand to be close to 40 million metric tons by 2015, reports the Platts news service. Korea Gas Corp. executives said in a New Year's message that the country may need a new LNG terminal to cope with an expected influx of natural gas supplies.

Last year, Eni reached a deal to sell 3.3 million tons of LNG, or 49 cargoes, to the Japanese market. Japan has been taking on more natural gas supplies to cope with an energy production deficit brought on by the Fukushima Daiichi nuclear disaster in 2011.

Eni said the agreement strengthens its LNG footprint in the region.
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Tour de France concludes in Paris
Race winner Bradley Wiggins of Great Britain (C) stands between second place finisher Christopher Froome of Great Britain (L) and third place finisher Vincenzo Nibali of Italy on the presentation podium following the final stage of the Tour de France in Paris on July 22, 2012. Wiggins of Great Britain became that country's first ever overall winner of the Tour de France. UPI/David Silpa