Tokyo Gas, the Japanese utility and importer of 14 million tonnes per annum of LNG, said fiscal half-year net sales from April to September increased by 9.4 percent as it benefited from the nations liberalization of the utility sector and from diversifying and expanding the sources of its LNG imports.
The Tokyo Gas first-half revenues amounted to 910.481 billion yen ($8.36 billion) compared with 832.3Bln yen ($7.64Bln) in the same six months of 2018.
The utility, which has four LNG import terminals and 13 LNG carriers owned or managed, reported that net profits for the six months were 5.3 percent higher at 28.3 billion yen ($260.5 million) versus 26.9Bln yen ($247.3m) in the year-ago period.
That’s as total city-gas sales volumes fell 1.7 percent to 6.70 billion cubic metres versus 6.82 Bcm in the fiscal first half of 2018 as it faced more competition from other utilities while also increasing its own customer base in Japan’s electricity market.
Part of the Tokyo Gas strategy has also been to diversify and expand raw materials procurement and overseas upstream projects including in the LNG value chain.
The company has a tolling agreement share in the Dominion Energy Cove Point plant in Maryland and is also involved in upstream projects in the Eagle Ford and Barnett shale-gas basins in Texas.
The largest Tokyo Gas LNG volumes come from Australia where it has foundation customer stakes in five projects.
These are the Chevron-operated Gorgon plant, Woodside Petroleum’s Pluto LNG, the Inpex-run Ichthys project at Bladin Point, the Darwin LNG plant and the Royal Dutch Shell-operated Queensland Curtis LNG facility.
Tokyo Gas also has stakes in southeast Asia and is expanding its business in Thailand and Vietnam.