Note: This release is a summary of the Japanese-language original

March 31, 2017
Company Name:
President:
Inquiries:
TEL.:

Japan Petroleum Exploration Co., Ltd. (JAPEX)
Hideichi Okada
Media and Investor Relations Department+81-3-6268-7110

Project Finance Contract by Fukushima Gas Power Co., Ltd.
on the Natural Gas-Fired Power Generation Project at Soma Port in Fukushima

Japan Petroleum Exploration Co., Ltd. (hereinafter “JAPEX”) announced that Fukushima Gas Power Co.,
Ltd. (hereinafter “FGP”) signed a contract of the syndicated loan with Development Bank of Japan Inc. as
the lead arranger today on the Natural Gas-fired Power Generation Project at Soma Port in Shinchi Town,
Fukushima Prefecture (hereinafter “the project”), that FGP and its five business partner companies
including JAPEX have been carrying out such as the construction of the natural gas-fired electric power
generation plant and others. The outline of this contract is as follows:<Outline of the Contract>
1. Loan Type:
2. Loan Amount:
3. Closing Date:
4. Borrower:
5. Lead Arrangers:
6. Agents:
7. Syndicate Group:

Syndicated Loan by Project FinanceApproximately JPY 140 billion
March 31, 2017
Fukushima Gas Power Co., Ltd. (FGP)
Development Bank of Japan Inc., Mizuho Bank, Ltd., Sumitomo Mitsui
Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Development Bank of Japan Inc., Mizuho Bank, Ltd.
Development Bank of Japan Inc., Mizuho Bank, Ltd., Sumitomo Mitsui
Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd., The 77 Bank,Ltd., The Toho Bank, Ltd.

FGP has evaluated the overall condition to promote the project in view of its finance aspect such asprospects of cash flow after the commencement of the power plant and current market situation oflow-interest rate. Eventually, FGP made a conclusion that it would be the most suitable for the project toutilize project finance of nonrecourse loan type to repay using their business revenue.
FGP has been conducting an environmental assessment in accordance with the Environmental Impact
Assessment Law and plans to commence construction of the power plant at the Soma Port right after thecompletion of the assessment around summer 2017.
The latest information on FGP including an outline of the power plant, shareholders, and their investment
ratios are shown in the appendix below.
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Under the changes of the market environment such as introduction of the Electricity System Reform Billto realize full liberalization of entry to the electricity retail business and demand for reduction of CO2
emissions, FGP and its five business partner companies including JAPEX will continue contributing to thestable supply of electric power generation at lower costs and with lower environmental burden, for thegrowth of the economy and industry in the surrounding areas of the power plant.
The impact of this matter to the consolidated financial forecast of the fiscal year ending March 31, 2017 isminor, and we will disclose its impact in future appropriately when we recognize.
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[Appendix]
1. The Outline of the Electric Power Generation Plant (Planned)
Name

Fukushima Natural Gas Electric Power Generation Plant

Site

Soma Port No.4 Warf, Shinchi Town, Fukushima Prefecture* Neighboring JAPEX Soma LNG TerminalMethod

Gas Turbine and Steam Power (Combined Cycle)

Fuel

Natural Gas (Vaporized LNG)
* Outsourcing operation of LNG vaporization and vaporized natural gas supply to
JAPEX Soma LNG Terminal neighboring the power plant site

Capacity

1.18 million kW (2 units of 0.59 million kW)

Schedule

2017 Summer Commencement of Construction* After Completion of Environmental Assessment Process
2019 Autumn Start of Commissioning
2020 Spring
Commencement of Commercial Operation (Generate 0.59 million kW)* Generate 1.18 million kW after 2020 Summer

The Bird's-eye View Image of the Plant

Wide-Area Map of the Plant Site

2. Corporate Profile (As of October 11, 2016)
Name
Head Office
Date of Foundation
Representative

Fukushima Gas Power Co., Ltd.
Sapia Tower, 1-7-12, Chiyoda-ku, Tokyo 100-0005 Japan
Tel: +81-3-6268-7128
April 23, 2015
Shoichi Ishii, President and Chief Executive Officer(Executive Vice President and Executive Officer of Japan Petroleum Exploration Co., Ltd.)

Capital Stock
Shareholders(Investment Ratio)

Business Area

Capital Stock: 537 million yen / Capital Reserve: 537 million yen
Japan Petroleum Exploration Co., Ltd.
Mitsui & Co., Ltd.
Osaka Gas Co., Ltd.
Mitsubishi Gas Chemical Co., Inc
Hokkaido Electric Power Co., Inc.

33.0%
29.0%
20.0%
9.0%
9.0%

Promoting the Natural Gas-Fired Electric Power Generation Business
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