01-05-2012

Mitsubishi Corporation participate in Browse LNG project in Australia

Mitsubishi Corporation (“Mitsubishi”) is pleased to announce that it is participating in Browse LNG Project (“Project”) promoted by Woodside Petroleum (“Woodside”) through Japan Australia LNG (MIMI) Pty Ltd (“MIMI”) which is a 50-50 joint venture between Mitsubishi and Mitsui & Co., Ltd. (“Mitsui”). Japan Australia LNG (MIMI Browse) Pty Ltd (“MIMI Browse”), subsidiary of MIMI, has signed the Sales and Purchase Agreement with Woodside Browse Ltd (“Woodside Browse”, subsidiary of Woodside) on April 30, 2012 (Western Standard Time in Australia). 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’ waiver of their pre-emption rights.
 
The Project aims to commercialize natural gas and condensate from the Browse gas and condensate fields located off the coast of Western Australia. Gas and condensate will be brought to Kimberley, after which they will be processed, liquefied and shipped under the operatorship of the Woodside’s subsidiary. Currently, under the assurance and commercial evaluation phase, assessment of front end engineering and design and selection of EPC contractors are being carried out with the aim to make the final investment decision by June 2013.
 
MIMI Browse has agreed to jointly promote the marketing with Woodside Browse for the LNG offtaken by MIMI Browse and Woodside Browse, targeting potential LNG customers including those in Japan. MIMI Browse has also agreed to support to Woodside Browse for procuring financing for development of the Project.
 
By participating in the Project and applying the expertise gained through its participation in North West Shelf LNG project, Mitsubishi will further enhance its LNG business in Australia, and aims to contribute to the reliable supply of energy to Japan and the East Asian region.