Update on Browse LNG Project

Sep. 2, 2013

Mitsui & Co., Ltd.
Mitsubishi Corporation

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The Browse Joint Venture ("Browse JV"), in which Mitsui & Co., Ltd. ("Mitsui", Head Office: Chiyoda-ku, Tokyo, President and CEO: Masami Iijima) and Mitsubishi Corporation ("MC", Head Office: Chiyoda-ku, Tokyo, President and CEO: Ken Kobayashi) are engaged through Japan Australia LNG (MIMI Browse) Pty Ltd ("MIMI Browse"), decided to commence Preliminary Front End Engineering Design to consider the development of the Browse LNG Project utilizing Shell's Floating LNG technology.

The Browse LNG Project aims to commercialize natural gas and condensate from the East Browse and West Browse gas and condensate fields located off the coast of Western Australia. MIMI Browse, a wholly-owned subsidiary of Japan Australia LNG (MIMI) Pty Ltd, which is a 50-50 joint venture between Mitsui and MC, owns 16% and 8% working interests in the East Browse and West Browse Joint Ventures respectively.

The Browse JV initially aimed to make a final investment decision by the end of June in 2013 for the Browse LNG Project development based on construction of an onshore LNG plant near James Price Point in the Kimberley region of Western Australia. However, Browse JV decided not to proceed with the onshore development concept as it was not commercially viable due to pressures from rising costs and began to examine instead the possibility of Floating LNG development, seeking a more optimized development plan.
Mitsui and MC are carrying out the necessary studies and aim to deliver the earliest final investment decision and commercialization of the Browse LNG Project through MIMI Browse.

Browse JV equity share

JV East Browse West Browse
MIMI Browse 16% 8%
Woodside Browse Pty Ltd 34% 17%
Shell Development (Australia) Proprietary Limited 25% 35%
BP Developments Australia Pty. Ltd. 16.67% 20%
PetroChina International Investment (Australia) Pty Ltd 8.33% 20%



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.


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