The consortium, which include the operative of the state-backed JOGMEC (Japan Oil, Gas and Metals National Corp) and crippled Fukushima nuclear plant Tokyo Electric Power, is to spend by $A4.44 billion ($US4.4 billion) in Wheatstone LNG (liquefied natural gas) venture in WA, said by a JOGMEC spokesperson.
Japan is greatly involved in burgeoning LNG sector of Australia and a major consumer for its gas as it looking for options to nuclear power after last year's emergency at the plant, which is operated by TEPCO (Tokyo Electric Power). The Asian country is the biggest LNG importer of the world.
All 50 of atomic reactors in Japan remain switched off among wave of anti-nuclear reaction after tsunami swamped reactors in last year at Fukushima, which sending them into condense. The spokeswoman said that, the consortium, that will pay near about $US4.4 billion for investment in project which is led by US-based Chevron, moreover includes shipping company Nippon Yusen and Japanese trading house Mitsubishi Corp.
TEPCO said in year 2009 that it would obtain 15% of the gas field development rights as well as an 11.25 % interest in business, which is predicted to make 8.9 million tons yearly from year 2016. The utility's negotiations were place on hold following the March 11 quake-tsunami disaster in previous year that sparked the nastiest atomic emergency in a generation. The company spokeswoman said, however as Chinese and further foreign rivals eye on the gas field venture, government considered to support the contract through JOGMEC.
The move comes as Bob Carr, the Australian foreign minister arrives in Japan recently for have a discussions with his Japanese counterpart. The contract also comes amid predicted consumer price hikes at the TEPCO, where Tokyo is acquiring a controlling venture as the company faces a vast clean-up as well as compensation bill over the tragedy.
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