Business
The Santos (ASX:STO) share price is trading higher today. Here’s why.
Santos Ltd (ASX: STO) shares are lifting today on news the company has signed a 10-year agreement to sell liquefied natural gas (LNG) to Japan’s Mitsubishi Corp.
The Santos share price is currently trading up 2.52% at $6.52 after reaching a morning high of $6.58.
What’s in the deal
Santos says the deal represents the first long-term sale from one of its major LNG projects. It will supply 1.5 million tonnes per annum of LNG to Mitsubishi from its Barossa project for 10 years, with extension options.
The price will be based on the Platts Japan Korea Marker (JKM), a benchmark price for spot physical cargoes of LNG. The JKM Index is often referenced in spot deals, tenders and contracts both in Northeast Asia and…
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