Mitsui & Co., Ltd. UK Regulatory Announcement: Miscellaneous

Mitsui & Co., Ltd. UK Regulatory Announcement: Miscellaneous

LONDON--(BUSINESS WIRE)--

This announcement is for our U.S. $ 5,000,000,000 Euro Medium Term Note Programme authorised by UKLA.

To Whom It May Concern

Mitsui & Co., Ltd.

Participation in Browse LNG Project in Australia

Mitsui & Co., Ltd. (“Mitsui”) is pleased to announce that it is participating in Browse LNG Project (“Project”) promoted by Woodside Petroleum (“Woodside”) through Japan Australia LNG (MIMI) Pty Ltd (“MIMI”) which is a 50-50 joint venture between Mitsui and Mitsubishi Corporation (”Mitsubishi”). Japan Australia LNG (MIMI Browse) Pty Ltd (“MIMI Browse”), subsidiary of MIMI, has signed the Sales and Purchase Agreement with Woodside Browse Ltd (“Woodside Browse”, subsidiary of Woodside) on April 30, 2012 (Western Standard Time in Australia). The closing of the transaction is expected in the third quarter of 2012, after the satisfaction of customary conditions including obtaining the Australian governmental approvals and other project partners’ waiver of their pre-emption rights.

The Project aims to commercialize natural gas and condensate from the Browse gas and condensate fields located off the coast of Western Australia. Gas and condensate will be brought to Kimberley, after which they will be processed, liquefied and shipped under the operatorship of the Woodside’s subsidiary. Currently, under the assurance and commercial evaluation phase, assessment of front end engineering and design and selection of EPC contractors are being carried out with the aim to make the final investment decision by June 2013.

MIMI Browse has agreed to jointly promote the marketing with Woodside Browse for the LNG offtaken by MIMI Browse and Woodside Browse, targeting potential LNG customers including those in Japan. MIMI Browse has also agreed to support Woodside Browse for procuring financing for development of the Project.

By participating in the Project and applying the expertise gained through its participation in North West Shelf LNG project, Mitsui will further enhance its LNG business in Australia, and aims to contribute to the reliable supply of energy to Japan and the East Asian region.

For further information, please contact:
Mitsui & Co., Ltd.
Investor Relations Division Tel: +81-3-3285-7910
Corporate Communications Division Tel: +81-3-3285-7540

Notice:

This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui’s current assumptions, expectations and beliefs in light of the information currently available to it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.

This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.

Contractual Coverage

Buyer	Â	MIMI Browse
Seller	Â	Woodside Browse
Acquired Assets	Â	Working interest of the Project owned by Woodside Browse 1. East Browse Joint Venture: 16% out of 50% working interest owned by Woodside 2. West Browse Joint Venture? 8% out of 25% working interest owned by Woodside (*) Both JVs have been under unitization negotiation. MIMI Browse’s assumed interest in the Browse LNG project is approx. 15%.
Purchase Price	Â	USD 2.0 billion
Operator	Â	Woodside Energy Ltd (subsidiary of Woodside and parent company of Woodside Browse?
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Project Overview

Project Partners	Â	Woodside Browse, BHP Billiton Petroleum?North West Shelf? Pty Ltd, BP Developments Australia Pty Ltd, Chevron Australia Pty Ltd, Shell Development (Australia) Proprietary Limited
Location of Gas and Condensate Fields	Â	Browse Basin, 425km off Broome in Western Australia
Proposed LNG Plant Location	Â	James Price Point in Kimberley, Western Australia
LNG Production	Â	12 million tons per annum (4 million tons × 3 trains) ?Potential expansion to 25 million tons per annum
Reserve (estimated by Woodside?Energy?	Â	Gas: 15.5 trillion cubic feet Condensate: 417 million barrels
FID	Â	Planned first half 2013
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Summary of MIMI Browse

Registered Company Name	Â	Japan Australia LNG (MIMI Browse) Pty Ltd
Head Office	Â	Perth, Australia
Establishment	Â	April 20, 2012
Ownership	Â	Japan Australia LNG (MIMI) Pty Ltd 100%
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Summary of Woodside

Registered Company Name	Â	Woodside Petroleum Ltd
Location	Â	Perth, Australia
Listed Stock Exchange	Â	Australian Securities Exchange
Employees*	Â	3,856
Business activities	Â	Oil and Gas Exploration and Production
Consolidated Assets*	Â	Approx. USD 22.7 billion
Daily Production*	Â	Approx. 177 thousand barrels
	Â

* Financial year 2011

For diagrams omitted, please see our home page. (http://www.mitsui.com/jp/en/release/2012/1198038_3607.html)

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