Japan's Osaka Gas reports 1.3bn yen loss in April-December
Japanese utility Osaka Gas on February 6 reported a net loss of 1.3bn yen ($9.9mn) in the nine months to December 31 owing to losses related to the Freeport LNG shutdown. It had posted a profit of 55.1bn in the same period of the previous year.
The Freeport plant in the US was shut down after a fire in June 2022. Earlier this month, Freeport LNG requested authorisation from the US Federal Energy Regulatory Commission to return its Loop 1 LNG system to service, which would give it the ability to dock and load LNG ships from its Dock 1 LNG berth.
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Osaka Gas said its losses related to the Freeport LNG shutdown stood at 125.8bn yen in the April-December period as higher prices of alternate LNG resulted in increased procurement costs. Osaka Gas procures 2.32mn metric tons/year of LNG from the Freeport project.
For the 12 months ending March 31, Osaka Gas expects a profit of 36bn yen, higher than the previous forecast of 29bn yen, on the back of extraordinary income.
Another Japanese utility, Jera, last month upgraded its profit forecast due to "the improvement of the LNG procurement environment."