Exxon Mobil Corp. (XOM) said Monday that the PNG LNG project in Papua New Guinea, of which it is the operator, has finalized a gas sales agreement with Tokyo Electric Power Co. Inc. (9501.TO), or Tepco.

Exxon said the binding agreement is for the provision of 1.8 million metric tons of LNG a year over a 20-year period and follows a preliminary agreement struck with Tepco earlier this year.

Another stakeholder in PNG LNG, Oil Search Ltd. (OSH.AU) said in October that the project partners are aiming to make a final investment decision Tuesday with first LNG still planned to be shipped in late 2013 or early 2014.

-By Ross Kelly, Dow Jones Newswires; 61-2-8235-2957; ross.kelly@dowjones.com
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