On January 19, 2023, NextDecade Corporation, a liquefied natural gas (LNG) development company committed on LNG associated pipelines and export projects, announced signing a 15-year-long sale and purchase agreement with Itochu Corporation for supplying liquefied natural gas (LNG) from NextDecade's Rio Grande LNG export project based in Brownsville, Texas.
Under the terms of the sale and purchase agreement, ITOCHU Corporation will purchase 1.0 million tonnes per annum (MPA) of LNG on a free-on-board basis, indexed to Henry Hub. ITOCHU Corporation, a leading sogo shosha, engages in import/export, domestic trading, and overseas trading of various products such as machinery, textile, chemicals, metals, minerals, energy, and others.
NextDecade's Chairman and Chief Executive Officer, Matt Schatzman, said, "We are honored to have Itochu Corporation as our first Japanese customer." He also stated, "We look forward to providing Itochu and their customers with LNG, and we are actively working to reduce the carbon footprint of the Rio Grande LNG facility through our proposed carbon capture and storage project."
(Source – Business Wire)
NextDecade aims for a favorable Final Investment Decision (FID) on the initial three trains of the Rio Grande LNG export project in the first quarter of 2023, with FIDs on the other trains to follow after that.
About NextDecade Corporation
Headquartered in Houston, Texas, NextDecade Corporation is an energy corporation expediting the arrival of a future with no net carbon emissions. NextDecade is dedicated to providing the world with cleaner energy with its innovative solutions for more sustainable LNG and carbon capture. Through its wholly-owned subsidiaries NEXT Carbon Solutions and Rio Grande LNG, the organization is developing a 27 MTPA LNG export plant in South Texas as well as one of North America's largest carbon capture and storage projects. It is also working with third-party clients throughout the world to deploy its exclusive processes to reduce CO2 emissions and lower the cost of carbon capture and storage at its industrial-scale facilities.