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Japan's Inpex to buy 1m tonnes a year of U.S. LNG

Shipments under 20-year contract to begin in 2027 from Louisiana's CP2 terminal

An LNG carrier docks at a Tokyo-area power plant. Australia and the Middle East together supply around half of Japan's LNG imports, while Russia accounts for just under 10%. (Photo by Shinya Sawai)

TOKYO -- Japanese oil and gas group Inpex will purchase an annual 1 million tonnes of American liquefied natural gas, starting as early as 2027, under a 20-year agreement it announced Tuesday.

The gas will come from Venture Global LNG's CP2 LNG project in the U.S. state of Louisiana, which is expected to begin construction in 2023 and ultimately reach an annual output of 20 million tonnes. The project has secured contracts for around 5 million tonnes so far.

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