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Japanese firms to sign long-term contracts to buy LNG from Oman

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The Japanese companies are expected to buy a total of about two million tonnes of LNG, starting from 2025

Japan’s trading houses Mitsui & Company, Itochu Corporation and Japan’s biggest power generator JERA are expected to sign new long-term contracts to buy liquefied natural gas (LNG) from Oman, NHK said on Tuesday.

The Japanese companies are expected to buy a total of about two million tonnes of LNG, starting from 2025, through around 10-year contracts, public broadcaster NHK said.

The move will help resource-poor Japan diversify supply sources for the fuel, which has been tight in global supply following Russia’s invasion of Ukraine and a series of sanctions by the West on Russian energy.

The Japanese companies will likely agree on the contracts on Tuesday and Japanese industry minister Yasutoshi Nishimura, who is currently visiting the Middle East, will attend the signing ceremony, NHK said.

Mitsui, Itochu and JERA were not immediately available for comment.

Japan imported 1.9 million tonnes of LNG in 2021, accounting for 2.6 percent of the country’s total imports.

Other Japanese companies are also in negotiation with Oman to buy LNG, NHK said.