Chubu Electric to acquire an interest in the Ichthys LNG Project from INPEX CORPORATION
May 16, 2012
Chubu Electric Power Co.,Inc.
Chubu Electric Power Co., Inc. ("Chubu Electric") is pleased to announce that it has reached agreement with INPEX CORPORATION ("INPEX ") to acquire a 0.735% interest in the Ichthys LNG Project from INPEX group of companies.
The acquisition by Chubu Electric is subject to certain conditions, including Australian government regulatory approvals.
The Ichthys LNG Project Participants will jointly develop the Ichthys field, located in the Browse Basin offshore of Western Australia, for the production of LNG, LPG and condensate.
Significantly, INPEX is the operator of the Ichthys LNG Project, making it the first Australian LNG project to be operated by a Japanese company.
Under the terms of the sale agreement, Chubu Electric will enter into a joint venture to develop the Ichthys LNG Project through its wholly-owned Australian subsidiaries, Chubu Electric Power Ichthys Pty Ltd ("CEPICH") and Chubu Electric Power Exploration Pty Ltd ("CEPEX").
Chubu Electric has announced it will purchase 490,000 tons of LNG per year over 15 years from the Ichthys LNG Project(Reported January 10, 2012) .
Chubu Electric's acquisition of an interest in the Ichthys LNG Project will allow it to maintain a secure and cost-effective supply of energy for generation of electricity.
Outline of the agreement
About the Ichthys LNG Project