browse basin japan cash at the ready, page-5

Article from The Bull

Woodside Petroleum has signed a preliminary agreement with the Japan Bank for International Cooperation (JBIC) to help finance future liquefied natural gas (LNG) projects.
The oil and gas producer said the memorandum of understanding (MOU) aimed to support Japan's requirement for stable and long-term energy supplies.
Woodside said the MOU strengthened the long-term relationship established between the two organisations through the financial support that the Japanese bank provided for the Pluto LNG project.
"Under the agreement Woodside and JBIC will hold periodic discussions relating to Woodside's future LNG developments and JBIC will consider providing financial support for those potential developments as well as creating opportunities for Japanese companies to participate in Woodside's future LNG developments," the company said.
The agreement comes after Woodside last week struck an agreement with Daewoo International Corporation for a production sharing contract in Burma, the first time the oil and gas producer will operate in deep water off Burma.
In May Woodside Petroleum signed a $US2 billion ($A1.92 billion) deal to sell part of its stake in the Browse gas project to Japan's Mitsubishi Corporation and Mitsui & Co.
The Japanese companies will buy a 14.7 per cent stake in the $30 billion LNG project through their Perth-based joint venture company, Japan Australia LNG (MIMI).
MIMI helped obtain finance from Japanese banks, including JBIC.