JERA sets up Singapore unit for LNG strategy, procurement, investments

Exxon Mobil

Today 09:24

TOKYO, July 1 (Reuters) - JERA, Japan's top power generator, on Wednesday said it has set up a new unit in Singapore to integrate strategy planning, procurement and investments across its liquefied natural gas and low-carbon fuel value chains amid volatile global markets.
The Singapore-based company, JERA Global Energy Solutions (GES), will serve as JERA's exclusive platform for long-term LNG origination, as the firm seeks to build a more integrated and flexible LNG business, JERA said in a statement.
Here are more details from JERA:
JERA GES will develop a stable and diversified long-term LNG portfolio while advancing lower-carbon fuels such as ammonia and hydrogen.
It will work alongside JERA's trading arm, JERA Global Markets (JERAGM), which will continue to handle trading and short-term LNG procurement contracts of less than five years.
Irtiza Sayyed has been appointed chief executive of JERA GES. Sayyed joined JERA in April after holding a range of global management roles at Exxon Mobil XOM.N for about 20 years.
Ryosuke Tsugaru, JERA's chief low-carbon fuel officer, will provide strategic direction from JERA's headquarters and ensure close alignment with the company's broader LNG and lower-carbon fuels strategy.
A total of 13 employees, including Sayyed, began operations on Wednesday, with a few more staff to be seconded from headquarters in the near future, a company spokesperson said.
JERA, a joint venture between Tokyo Electric Power 9501.T and Chubu Electric Power 9502.T, is Japan's largest LNG buyer, handling about 35 million to 40 million metric tons of the super-chilled fuel a year.

(Reporting by Yuka Obayashi; Editing by Harikrishnan Nair)
((Yuka.Obayashi@thomsonreuters.com; +813-4520-1265;))