Mitsubishi Corporation (“Mitsubishi”, Head Office: Chiyoda-ku, Tokyo, President and CEO: Ken Kobayashi) and Mitsui & Co., Ltd. (“Mitsui”, Head Office: Chiyoda-ku, Tokyo, President and CEO: Masami Iijima) have completed the transaction in respect of the previously announced participation in the proposed Browse LNG Project (“Project”) as of September 18th 2012 through Japan Australia LNG (MIMI Browse) Pty Ltd (“MIMI Browse”), a wholly-owned subsidiary of Japan Australia LNG (MIMI) Pty Ltd which is a 50-50 joint venture between Mitsubishi and Mitsui, under the agreement made with Woodside Browse Ltd, a subsidiary of Woodside Petroleum Ltd. on April 30th, 2012.
As a result of the completion of this acquisition, MIMI Browse owns 16% and 8% working interests in natural gas and condensate fields of East Browse and West Browse Joint Ventures respectively. This will give MIMI Browse an estimated 14.7% interest in the Project on an assumed unitized basis.
Currently, the Project is carrying out assessment of front end engineering and design, and accordingly will award EPC contracts, with the aim to make a final investment decision by June 2013.
By participating in the Project, Mitsubishi and Mitsui will further enhance its LNG business in Australia and aim to contribute to the reliable supply of energy to Japan and the East Asia region.