Loan for Gas Field Development Project by Australian Subsidiary of Mitsui & Co.
Contributing toward Securing Energy Resource for Japan
- Region: Oceania
- Energy and Natural Resources
- Overseas Investment Loans
The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) signed today a loan agreement amounting to up to approximately USD199 million (JBIC portion) with AWE Perth Pty Ltd (AWE Perth), an Australian company invested in by Mitsui & Co., Ltd. (MITSUI). The loan is co-financed with Sumitomo Mitsui Banking Corporation, bringing the total co-financing amount to approximately USD284 million.
The loan is intended to provide the funds required to implement the second-stage development project of the Waitsia gas field (the project) in which MITSUI holds interests and of which AWE Perth is the operator.
The Waitsia gas field is an onshore natural gas field located approximately 350 km north of Perth in Australia. MITSUI will develop the gas field with Beach Energy Limited, an Australian business partner, through AWE Perth. The natural gas produced by the project will be sold as LNG in the Asian market and it will also be supplied in Australia. The loan will lead to promoting Japanese companies’ independent development, and it will contribute toward the energy security of Japan.
As Japan’s policy-based financial institution, JBIC will continue to support the development of energy resources by Japanese companies and financially assist in the securing of a stable energy supply for Japan.