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Sunday, May 13, 2018
Mitsui & Co Ltd.’s chief executive, Tatsup Yasunaga, speaking at an analyst meeting revealed that the FID for the Anadarko-led offshore LNG project in Mozambique is expected to be taken during this financial year.
“The FID on the Mozambique Area 1 project during this financial year is in our sights,” he told attendees at the meeting. He also said that spending on the $18.3 billion project will start in the following fiscal year.
The two-train, 12 million-ton-per-year project is expected to be completed either in 2022 or 2023, and has secured more than 9 million tons a year in total binding and non-binding commitments from buyers, Yasunaga said.
The Mitsui chief also said that there is a chance it could increase its stake in the project if JOGMEC sells its 10% stake.
While 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% stake for a long time,” he said. “Companies that are interested in joining the project are lining up,” meaning that his company could buy the stake only to turn around and sell the stake as it is Mitsui’s basic policy to only hold a 10% stake in the project.
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