A consortium of NYK, Tepco and Mitsubishi Corporation has obtained equity interests (10% in gas fields and 8% in LNG plant) in the Wheatstone LNG project through a newly established special-purpose company named PE Wheatstone, headquartered in Perth, Western Australia. PE Wheatstone will lift a certain volume of LNG in the project in proportion to its equity interest.
Tepco is facing financial difficulties in handling the project on its own after the damaging Japanese earthquake in March 2011. The power firm had proposed to NYK and Mitsubishi Corporation to jointly participate in the project, which is being promoted by US-based oil refiner Chevron and other companies in Australia.
The LNG project, scheduled to start production from the end of 2016, will produce 8.9m tonnes per annum of LNG.
“Competition is increasing globally to secure energy resources, with natural gas in growing demand as a clean energy resource. Under these circumstances, today's participation has profound meaning as a move by Japanese energy-related companies to secure energy resources with government support,” NYK said.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
