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Indonesia, Japan agree to extend LNG contract |
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15:56, March 28, 2008 |
Indonesia and Japan have agreed to extend the liquefied natural gas (LNG) supply contract until 2011 after the latest negotiation in Japan, the national Antara news agency reported Friday.
"The negotiation has been made and the gas price has also been agreed," Energy and Mineral Recourses Minister Purnomo Yusgiantoro was quoted as saying.
Purnomo is currently in Japan to accompany the negotiating team.
The negotiation involved state-run oil and gas company PT Pertamina and six gas companies in Japan.
Pertamina President Director Ari Soemarsono said the agreement was reached Thursday but the technical document has yet to be completed.
Purnomo said earlier that the LNG price which had been negotiated was over 10 U.S. dollars per-mmbtu (million metric British thermal unit).
He said Indonesia and Japan at present had long term contract of LNG for 10 years with deliveries agreed at 3 million tons a year for the first five years and 2 million tons a year for another five-year term.
Indonesia and Japan meet annually to renegotiate the LNG price according to the world's market price.
Source: Xinhua
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