Mitsubishi Corporation Reaches Final Investment Decision on Cameron LNG Project Tokyo, Aug 7, 2014 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce that it has reached a final investment decision (FID) on 6th August(US New York time) regarding Cameron LNG, a natural gas liquefaction project in the US. The project will be operated by Cameron LNG Ltd at their Louisiana Terminal. Total investments amounts to US$10 billion, of which some US$7.4 billion in financing agreements have already been made with institutions such as the Japan Bank for International Cooperation (JBIC) and private banks. A portion of private bank financing is accounted for by NEXI, Japan's official export credit agency. Cameron LNG is converting its existing receipt terminal in Hackberry, Louisiana to an export terminal with a view to commencing the commercial production of liquefied natural gas (LNG) in 2018. The new facility will be comprised of three liquefaction trains with a combined capacity of 12 million tons per year (4 million tons per year per train). The investment in Cameron LNG will be made through Japan LNG Investments LLC (JLI), an MC-Nippon Yusen Kabushiki Kaisha(NYK) 70-30 joint venture, incorporated in the US. In addition to JLI's 16.6% shareholding, Cameron LNG's partners include: Sempra Energy, 50.2%; GDF Suez, 16.6%; and Mitsui &Co., 16.6%. Cameron LNG had already secured licenses from the US Department of Energy for the export of domestically produced LNG to countries that have a free trade agreement (FTA) with the US, but in February of this year, Cameron LNG also obtained conditional authorization to export to countries that do not have an FTA with the US. The full export license is expected to be issued by October this year. Natural gas procured by MC from the North American market will be processed at the Cameron LNG facility, pursuant to a tolling agreement for the production of 4 million metric tons of LNG per year. The LNG produced will be sold to customers around the world including in Japan and other markets in Asia. LNG imports to Japan are currently sourced mainly in South East Asia and the Middle East. Adding the US as a supply source will contribute to diversifying Japan's energy supply sources and LNG pricing mechanisms, while at the same time contributing overall to securing a stable supply of energy resources to the market. Company Outlines 1. Cameron LNG 1) Headquarters: Houston, Texas, USA 2) Business Activity: Operation of the Cameron LNG receipt terminal in Hackberry, Louisiana, USA. 3) Representative: Jim Knudsen, CEO 4) Year Established: 2001 5) No. of Employees: Approx. 100 (as of July 2014) 6) Website: http://cameronlng.com/ 2. Sempra Energy 1) Headquarters: San Diego, California, USA 2) Business Activities: An energy services company, Sempra Energy is the largest power generation and gas distribution company on the US West Coast. 3) Representative: Debra L. Reed, Chairman and CEO 4) Year Established: 1998 5) No. of Employees: Approx.17,000 (as of December 2013) 6) Website: http://www.sempra.com/ 3. GDF SUEZ 1) Headquarters: Paris, France 2) Business Activities: A global energy player and an expert operator in the three key sectors of electricity, natural gas and energy services,including gas trading and shipment operations, and an impressive track record in the LNG business. 3) Representative: Gerard Mestrallet, Chairman and CEO 4) Date Established: July 22, 2008 5) No. of Employees: Approx. 147,200 (as of December 2013) 6) Website: http://www.gdfsuez.com/ 4. Mitsui & Co. 1) Headquarters: 1-2-1 Otemachi, Chiyoda-ku, Tokyo, Japan 2) Business Activities: A diversified and comprehensive trading, investment and service enterprise that develops business in the fields of iron & steel, metals, infrastructure and transportation systems, chemicals, energy, food and consumer products and services, and innovation & corporate development businesses. 3) Representative: Masami Iijima, President and Chief Executive Officer 4) Date Established: July 25, 1947 5) No. of Employees: 48,090 (consolidated, as of March 31, 2014) 6) Website: http://www.mitsui.com/ 5. Nippon Yusen Kabushiki Kaisha 1) Headquarters: 2-3-2 Marunouchi, Chiyoda-ku, Tokyo, Japan 2) Business Activities: Global logistics based on international marine transportation business, cruises, terminal and harbor transport, shipping-related services, real estate, and others. 3) Representative: Yasumi Kudo, President 4) Date Established: September 29, 1885 5) No. of Employees: 55,661 (consolidated, as of March 31, 2014) 6) Website: http://www.nyk.com/ 6. Mitsubishi Corporation 1) Headquarters: 2-3-1 Marunouchi, Chiyoda-ku, Tokyo 2) Business Activities: 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. 3) Representative: Ken Kobayashi, President and Chief Executive Officer 4) Date Established: April 1, 1950 5) No. of Employees: 68,383 (consolidated, as of March 31, 2014) 6) Website: http://www.mitsubishicorp.com 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 Copyright 2014 JCN Newswire. All rights reserved. www.japancorp.net Provider ID: 00029704
Mitsubishi Corporation Reaches Final Investment Decision on Came
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