Oman LNG

ITOCHU Corporation is participating in this LNG project in Oman as a shareholder of Oman LNG L.L.C. (OLNG), together with the Government of the Sultanate of Oman, Shell, Total Oil, Partex Gas Company, Mitsubishi Corporation, Mitsui & Co., Ltd. and Korea LNG.

The liquefaction plants started production in December 1999 and currently have a capacity of approximately 6.6 million tons per annum in total.

Pursuant to long-term contracts, the delivery to Kogas (from April 2000) and Osaka Gas Co., Ltd. (from November 2000) has been carried out smoothly since the first loading. OLNG also has short-term contracts with several customers in the Far East and Europe in addition to its long-term contracts.

In addition, OLNG has opted to participate in the third train expansion project (Qalhat LNG) led by the Government of the Sultanate of Oman. ITOCHU expects that the activity of OLNG will continue to expand significantly in the future.

ITOCHU offtakes 0.7million tons per annum of LNG under the Sales and Purchase Agreement between with OLNG (which was originally signed between ITOCHU and Qalhat LNG(Oman) and has been novated to OLNG).