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- Mitsui & Co., Ltd.
Corporate Communications Division
Mitsui & Co., Ltd. ("Mitsui," head office: Chiyoda-ku, Tokyo, President and CEO: Masami Iijima) has agreed with Sempra Energy to jointly develop a natural gas liquefaction export facility at the site of Cameron LNG receipt terminal located in Louisiana, U.S.A. with the aim to reach final investment decision by late 2013 and to export the produced liquefied natural gas ("LNG") to the global market including Japan by late 2016.
A 100% subsidiary of Sempra Energy, Cameron LNG LLC, currently owns and operates the Cameron LNG receipt terminal and plans to develop a liquefaction facility with the export capability of 12 million tonnes per annum (MTPA), comprised of three liquefaction trains each having a capacity of 4 MTPA. The total investment for three liquefaction trains is estimated to be USD 6 billion. Mitsui has agreed with Sempra Energy to jointly develop the LNG export project by sharing the development expenses associated with the project, and will aim to reach final investment decision by late 2013 and to secure 4 MTPA of export capacity, which is equivalent to the production capacity of one train. Mitsui, jointly with Sempra Energy, will fund all development expenses, including design, permitting and engineering, and negotiate 20-year tolling agreements.
Mitsui participates in the development, production and marketing of shale gas and oil in the Marcellus shale area in Pennsylvania and the Eagle Ford shale area in Texas, with the current natural gas production volume of approximately 150mmcfd (equivalent to approximately 1MTPA of LNG). Mitsui intends to study the possibility of utilizing its own share of natural gas production from these areas, where the production volume is expected to grow in the coming years.
As strong growth in demand is expected to continue in the global LNG market in the medium to long term, Mitsui intends to maintain a stable supply of LNG by means of diversifying the supply source as well as strengthening its LNG supply capabilities.
|Name||Sempra Energy (contractual entity with Mitsui shall be its subsidiary, Cameron LNG LLC)|
|Location||San Diego, California, U.S.A.|
|Listed Stock Exchange||NYSE|
|Number of employees||About 17,500|
|Main Business||Provider of Electricity and Gas Services, Operation of LNG receipt terminal|
|Consolidated Revenue||USD 10 Billion|
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently available to it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.