LOC12:35
09:35 GMT
TOKYO, May 1 (KUNA) -- Japan's major trading houses Mitsubishi Corp. and
Mitsui Co. said Tuesday they will jointly participate in a large-scale
liquefied natural gas development project in Western Australia.
The two firms will join Browse LNG Project promoted by Australia's oil
giant Woodside Petroleum through Japan Australia LNG Pty Ltd., which is a
50-50 joint venture between Mitsubishi and Mitsui, according to their
statement.
The joint venture's subsidiary will acquire an approximately 15 percent
interest in the project from Woodside's unit for USD 2 billion and target
potential LNG customers in Japan and the East Asian region.
The closing of the transaction is expected in the third quarter of 2012,
after the satisfaction of customary conditions including obtaining the
Australian governmental approvals and other project partners, Mitsubishi and
Mitsui said. Browse LNG Project aims to commercialize natural gas and
condensate from the Browse gas and condensate fields located off the coast of
Western Australia.
Japan is the world's biggest LNG importer, and its LNG imports have surged
since the Fukushima Daiichi nuclear power plant accident in March last year
due to rising thermal power demand on continued nuclear power outage.
Only one out of the nation's 54 commercial reactors is currently in service
amid growing public concerns over the safety of atomic power technology in the
aftermath of the accident. (end)
mk.asa
KUNA 011235 May 12NNNN