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Australia's FIRB Approves Sale Of Browse Equity
=MIMI Browse will obtain 14.7% interest
Woodside Petroleum Ltd., which has developed "Browse LNG Project" a LNG production project in Australia, announced on July 3rd that it got approval from the Foreign Investment Review Board (FIRB) for the sale of Browse LNG equity to Japan Australia LNG (MIMI Browse) Pty Ltd.

Woodside is now under discussion with Browse joint venture partners such as BP, Chevron, Shell and BHP Billiton to finalize the sale.

This May, Mitsubishi Corporation and Mitsu & Co., Ltd. showed their plan to pay US$2 billion to obtain total 24% interest in two gas fields through MIMI Browse which was equally invested by both companies. The two gas fields are expected to be integrated in the future and MIMI Browse will have 14.7% stake in the newly integrated gas field.

On top of that, MIMI Browse intends to purchase 1.5 million tons per year of LNG from Browse. As reported, the key terms agreement (SPA) between Woodside and Taiwan's CPC Corporation on LNG produced in Browse expired on June 21st. The sale destination for LNG from Browse has not been fixed by now.
last modified : Mon 09 Jul, 2012 [11:05]
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