Mitsubishi Corporation: 50th Year Anniversary of LNG (Liquefied Natural Gas) in Japan

TOKYO, Nov 1, 2019 - (JCN Newswire) -  November 4th, 2019 marks 50 years since LNG was first imported to Japan. Tokyo Electric Power Company (now JERA Co., Inc. "JERA") and Tokyo Gas Co., Ltd. (Tokyo Gas), through Mitsubishi Corporation (Mitsubishi) acting as a buyer's agent, started receiving LNG in 1969 from the Alaska LNG Project with Phillips Petroleum (now ConocoPhillips) as a seller.

Demand for LNG and natural gas is expected to further increase globally, especially in emerging countries. The role of LNG and natural gas is expected to expand further in the next half-century, such as utilization by LNG fired power plants to compliment power supply fluctuations of renewables which are rapidly growing throughout the world.

JERA, Tokyo Gas, Mitsubishi and ConocoPhillips will continue contributing to the further usage of LNG and to the development of the LNG industry by utilizing the experience and knowledge accumulated during the 50 years.

To celebrate the 50th year anniversary of the introduction of LNG, the four companies are hosting "The Ceremony for the 50th Anniversary of LNG to Japan" on November 6th, 2019.

Comments by the leaders of the four companies

- Toshihiro Sano, Chairman, JERA
Since its beginnings with the Minami-Yokohama Thermal Power Station, LNG thermal power generation in Japan has steadily expanded thanks to the supports of local residents and other parties involved, and today plays an indispensable role in supplying the nation's electricity. With rising demand for LNG in emerging economies and its anticipated utilization in new areas such as transportation, the importance of LNG is expected to grow further in the future. JERA intends to contribute to expanding the use of LNG both in Japan and overseas by applying the skills in the safe and efficient use of LNG that we have acquired over the course of half a century.

- Takashi Uchida, President, Tokyo Gas
For half a century since the introduction of LNG, Tokyo Gas has been building an LNG value chain, developing and expanding LNG demand in Japan and overseas through the extensive use of natural gas. In order to pave the way for "the next 50 years" as responses to climate change are now being demanded globally, Tokyo Gas will carry on the pioneering spirit that has been passed on since the introduction of LNG to take on new challenges such as further extensive utilization of natural gas and reduction of CO2 emissions through the combination of LNG and renewable energy.

- Takehiko Kakiuchi, President and CEO, Mitsubishi Corporation
Mitsubishi Corporation is proud to be the pioneer in the LNG business, initially as a buyer's agent for the first shipment of LNG cargo into Japan 50 years ago, and since then as a developer of LNG projects around the globe. The role of LNG and natural gas is becoming increasingly important as a substitute for coal and oil as well as the complementary source of energy for the renewables. Preservation of global environment and stable energy supply are at the core of our missions. We are determined to play our role in securing stable supply of LNG and creating new demand in emerging markets.

- Bill Bullock, President, Asia Pacific and the Middle East, ConocoPhillips
ConocoPhillips congratulates the 50-year anniversary of LNG imports to Japan. Together Japan and ConocoPhillips pioneered the Asia Pacific LNG market, helping drive economic progress throughout the region. This close relationship endures, as we continue our commitment to safely deliver LNG to the country. We look forward to our continued partnership with Japan, which we see as being a strong, long-term market.

Background of Introducing LNG

In March 1967, Tokyo Electric Power Company (now JERA) and Tokyo Gas, with Mitsubishi acting as a buyer's agent, signed a Sales and Purchase Agreement with Phillips Petroleum (now ConocoPhillips) and Marathon Oil. In November 1969, the first cargo of LNG was imported from Alaska aboard the LNG ship "Polar Alaska" to Negishi LNG Terminal (Isogo-ku, Yokohama City), which was the joint receiving terminal of Tokyo Electric Power Company Minami Yokohama Thermal Power Plant and Tokyo Gas Negishi LNG Terminal.

About Mitsubishi Corporation

Mitsubishi Corporation, headquartered in Tokyo, is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. Mitsubishi Corporation's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods.

For more information on Mitsubishi Corporation, please visit the company's website at https://www.mitsubishicorp.com/jp/en/.
Contact:
Mitsubishi Corporation Telephone: +81 3 3210 2171 Facsimile: +81 3 5252 7705



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