Mitsui to Participate in LNG Project in UAE

Economy

Tokyo, July 11 (Jiji Press)--Japanese trading house Mitsui & Co. said Thursday that it will acquire a 10 pct stake in a 5.5-billion-dollar liquefied natural gas project in the United Arab Emirates.

A Mitsui subsidiary will invest about 550 million dollars in the Ruwais LNG project, which is led by Abu Dhabi National Oil Co.

With an annual production capacity of 9.6 million tons, the project will start production in 2028. Mitsui will take 600,000 tons of that total.

Demand for LNG is expected to grow as it emits less carbon dioxide than crude oil and coal when burned.

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