Completion of Acquisition: Browse LNG Project in Australia
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Completion of Acquisition: Browse LNG Project in Australia - JCN Newswire
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Completion of Acquisition: Browse LNG Project in Australia

Tokyo, Sept 18, 2012 - (JCN Newswire) - Mitsubishi Corporation ("Mitsubishi", TSE: 8058) and Mitsui & Co., Ltd. ("Mitsui", TSE: 8053) 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.

Original announcement May 1, 2012: www.mitsubishicorp.com/jp/en/pr/archive/2012/html/0000014623.html

About Mitsubishi Corporation

Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.

Contact:

Mitsubishi Corporation
Telephone:+81-3-3210-2171
Facsimile:+81-3-5252-7705
 


Sept 18, 2012
Source: Mitsubishi Corporation

Mitsubishi Corporation (TSE: 8058) (FTSE: MBC)

From the Japan Corporate News Network
http://www.japancorp.net
Topic: Investment


 
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