NextDecade Corporation (NextDecade) (NASDAQ: NEXT) announced today the execution of a 15-year sale and purchase agreement (SPA) with Itochu Corporation (Itochu) for the supply of liquefied natural gas (LNG) from NextDecade’s Rio Grande LNG (RGLNG) export project in Brownsville, Texas.
Under the SPA, ITOCHU will purchase 1.0 million tonnes per annum of LNG indexed to Henry Hub on a free-on-board basis.
"We are honored to have Itochu Corporation as our first Japanese customer," said Matt Schatzman, NextDecade's Chairman and Chief Executive Officer. “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.”
NextDecade is currently targeting a positive Final Investment Decision (FID) on the first three trains of the RGLNG export project during the first quarter of 2023, with FIDs of its remaining trains to follow thereafter.
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