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- Mitsubishi Corporation
Mitsui & Co., Ltd. ("Mitsui", Head Office: Chiyoda-ku, Tokyo, President and CEO: Masami Iijima) and Mitsubishi Corporation ("Mitsubishi", Head Office: Chiyoda-ku, Tokyo, President and CEO: Ken Kobayashi) 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 Mitsui and Mitsubishi, 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, Mitsui and Mitsubishi 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.
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 possessed by 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.