Commercial Operation Commencement of FGP Fukushima Natural Gas Power Plant No.1 Unit

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2020.5.7

Japan Petroleum Exploration Co., Ltd. (JAPEX) announced that Fukushima Natural Gas Power Plant (hereinafter "the power plant") commenced commercial operation of the No.1 unit on April 30, 2020. The power plant has been under construction by Fukushima Gas Power Co., Ltd. (hereinafter "FGP"), which is a project company to promote the project of natural gas-fired power generation at Soma Port in Shinchi Town, Fukushima Prefecture (hereinafter "the project") with the business partners including JAPEX.

This power plant uses regasified LNG (Liquefied Natural Gas) for fuel, given a lower environmental burden, and has a generating capacity of 1.18 million kW by two-generation units of GTCC (Gas Turbine Combined-Cycle) that achieves higher efficiency. FGP and the business partners decided on the commercialization of the project and construction of the power plant as the project basis in October 2016. By proceeding with the construction of the plants from October 2017, the No.1 unit achieved the first parallel operation in December 2019. Since completion of all independent inspection, which is defined by the Electricity Business Act, the No.1 unit of the power plant commenced the commercial operation on April 30, 2020. Along with the commercial operation commencement of the power plant, the operation concerning LNG, which is procured as the generation fuel by each partner, began on the same day. Such operations are the consignment works for receiving, storage, regasification of LNG, and providing regasified LNG to the power plant, under the contract with FGP.

The No.2 unit of the power plant is currently under commissioning, aiming the commercial operation in the summer of 2020. Besides, as second construction phase of Soma LNG terminal by JAPEX entrusted from FGP, additional regasification equipment commenced the commercial operation on April 30, 2020. Also, the No.2 LNG tank with 230,000 kL capacity is under construction, aiming the commercial operation in the summer of 2020.

Please refer to the appendix (in the PDF version) for the outline of the plant and the second construction phase in Soma LNG Terminal, as well as the corporate profile of FGP.

For the stable supply of electricity by lower cost and environmental burden, and the contribution of economic development in the surrounding area, FGP and the business partners including JAPEX will be proceeding the operation as well as construction work of the power plant with safety management as the first priority, with understanding and cooperation by the local residents and the relevant authorities.

JAPEX will proceed to conduct the business with the aspiration of stable energy supply and to contribute for the local areas through our activities, aiming for the realization of "Growth to the Integrated Energy Company Utilizing Oil and Gas E&P and its Supply Basis" as raised in Long-term Vision and Mid-term Business Plan announced in May 2018.

There will be no impact on the consolidated financial forecasts for the fiscal year ending March 31, 2020. The impact on consolidated financial forecasts after the fiscal year ending March 31, 2021 will be disclosed promptly if necessary.

Please note that the information in the news is as of the announcement date and may be subject to change without notice.

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