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Mitsui expects investment decision on Mozambique LNG project in FY2018/19

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LNG Industry,

Reuters are reporting that Mitsui & Co Ltd expects a final investment decision on a US Anadarko-led offshore LNG project in Mozambique in the year to 31 March 2019.

“The FID on the Mozambique Area 1 project during this financial year is in our sights,” Mitsui’s CEO Tatsuo Yasunaga said.

Spending on the 2 trillion yen (US$18.3 billion) project will start in the following financial year, he said.

The two-train, 12 million tpy project is expected to be completed in 2022 – 2023, and has secured more than 9 million tpy in total binding and non-binding commitments from buyers, Yasunaga said.

Asked whether Mitsui will increase its 10% stake in the project if Japan Oil, Gas and Metals National Corporation (JOGMEC) sells its 10% stake, Yasunaga said many parties are interested in taking a share in the project.

“If JOGMEC decides to sell its stake, we have a basic interest (in buying), but we don’t have a plan to hold a 20 percent stake for a long time,” he said.

“Companies that are interested in joining the project are lining up,” he said, adding that Mitsui’s basic policy is to hold a 10% stake in the project.

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