Mitsui to Invest in LNG Project in Mozambique

Economy

Tokyo, June 19 (Jiji Press)--Mitsui & Co. <8031> said Wednesday it has made a final decision to invest in a liquefied natural gas project in Mozambique.

The project calls for extracting natural gas from a large-scale gas field off the northern coast of the southern African country for shipments after liquefaction at an onshore plant.

The Japanese trading house and state-linked Japan Oil, Gas and Metals National Corp., or JOGMEC, will jointly hold a 20 pct interest in the project. Mitsui will invest up to some 2.5 billion dollars.

The project calls for producing 12 million tons of LNG annually, starting in 2024.

Of the total, Mitsui has reached a deal to supply 11.1 million tons to Japanese and foreign clients, including Tokyo Electric Power Company Holdings Inc. <9501> and Tokyo Gas Co. <9531>, for a period of 10 to 20 years.

[Copyright The Jiji Press, Ltd.]

Jiji Press