12th Sep 2014 13:27
LONDON (Alliance News) - BP PLC said Friday it has signed a 17-year sales and purchase agreement for liquefied natural gas with Tokyo Eletric Power Company.
Under the deal, TEPCO will buy up to 1.2 million tonnes of LNG per year from BP for 17 years, starting in 2017.
The deal is the first long-term portfolio contract for TEPCO, BP said, and is the first long-term contract for the FTSE 100-listed oil group with TEPCO on which it is the sole supplier.
"BP greatly appreciates the opportunity to work with TEPCO in implementing this innovative agreement. Furthermore, we look forward to working closely with TEPCO on future sales opportunities, as it develops its new business model," said Paul Reed, Chief Executive of BP Integrated Supply and Trading.
BP shares were down 0.3% to 470.7 pence per share on Thursday.
Earlier in the day, shares in BP briefly spiked higher in a move several traders said was likely human error or a keyboard entry mistake, known in the market as a "fat finger" trade.
A surge in trading in BP shares mid-morning in London sent shares in the company up 4.8%. The shares were then subject to an automative five-minute suspension before trading then resumed as normal, according to a London Stock Exchange Group PLC spokesman quoted by Reuters.
By Sam Unsted; [email protected]; @SamUAtAlliance
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