Mitsui, Mitsubishi eye Australian LNG for thermal power plants

Mitsui & Co. and Mitsubishi Corp. will participate in an Australian LNG project to provide stable supply for Japan's thermal power generation.

The liquefied natural gas development project is in western Australia and will also supply LNG to other Asian countries.

The companies will join the project led by Woodside Petroleum Ltd., an Australian petroleum and gas developer.

They said a 50-50 joint venture between Mitsui and Mitsubishi will acquire a roughly 15 percent interest in the Browse LNG Project for $2 billion. Production is not scheduled to start until the late 2010s at the earliest, officials of the companies said.

Demand for LNG has grown as a fuel for thermal power generation following the crisis at the Fukushima Daiichi nuclear power plant.

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