TOKYO, July 1, 2015 - (ACN Newswire) - The Browse Joint Venture ("Browse JV"), in which Mitsubishi Corporation ("MC", Head Office: Chiyoda-ku, Tokyo, President and CEO: Ken Kobayashi) and Mitsui & Co., Ltd. ("Mitsui", Head Office: Chiyoda-ku, Tokyo, President and CEO: Tatsuo Yasunaga) participate through Japan Australia LNG (MIMI Browse) Pty Ltd. ("MIMI Browse", equally owned by MC and Mitsui), has decided to commence front-end engineering and design (FEED) for the Browse LNG Project in Australia, having completed its preliminary front-end engineering and design (Pre-FEED). The target for a final investment decision is set for the second half of 2016. Browse JV has also agreed to integrate the East Browse and West Browse joint ventures, and as a result, the working interests held by MIMI Browse in the integrated venture will be 14.40%.
Browse JV aims to commercialize natural gas and condensate resources from the Browse gas and condensate fields located off the coast of Western Australia. Browse JV intends to develop the Browse LNG Project by utilizing Shell's floating LNG technology and Woodside's offshore development expertise.
MC and Mitsui, through MIMI Browse, will continue to carry out the necessary studies in an effort to realize the earliest commercialization of the Browse LNG Project.
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.
Source: Mitsubishi Corporation
Contact:
Mitsubishi Corporation Telephone:+81 3 3210 2171 Facsimile:+81 3 5252 7705
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