Mitsui & Co Ltd: Update on Browse LNG Project
UK Regulatory Announcement
This announcement is for our U.S.$5,000,000,000 Euro Medium Term Note
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) 8.33% 20%
For diagrams omitted, please see our home page.
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.
Mitsui & Co Ltd
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