Tokyo Gas Co. (9531.TO) said Tuesday that it has purchased the land needed to build a planned liquefied natural gas receiving terminal in Ibaraki prefecture, northeast of Tokyo .

Tokyo Gas, Japan 's largest gas utility by sales volume, plans to build the terminal comprising a 230,000-kiloliter LNG tank, a 50,000-kiloliter liquefied petroleum gas tank, a berth and regasification facilities, at Hitachi port and to start commercial operations in the financial year that begins April 1, 2015 .

The total cost of construction is estimated at Y120 billion, including a pipeline linking the terminal to the nearby Kashima port, also in Ibaraki prefecture.

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