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NYK eyes US gas investment

NYK eyes US gas investment
Nippon Yusen Kaisha (NYK) and Mistubishi Corporation have announced their intention to investment in the $10bn Cameron LNG (CLNG) project in the US.

The groups have established a joint venture, Japan LNG Investment which, subject to various regulatory approvals, will invest in the US liquefaction plant in Louisiana for a 16.6% share of the business. Sempra Energy (50.2%), GDF Suez (16.6%) and Mitsui (16.6%) will make up the rest of the shareholding companies, with final decisions by the parties to be made in early 2014 once regulatory permissions for construction and LNG export have been granted and funds acquired.

CLNG will have a production volume of 12 million tons per annum (MTPA) with Mitsui securing  4 MTPA of tolling capacity in their natural gas tolling liquefaction agreement.

Export agreements have been obtained for countries with US free trade agreements, non-FTA country permissions yet to be ratified.

First gas from CLNG is expected in the second half of 2017.