Japanese-backed Australian LNG import project wins fresh state approval [Reuters]
MARUBENI CORP UNSP/ADR (MARUY)
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Source: Reuters
Japanese-backed Australian LNG import project wins fresh state approval MELBOURNE (Reuters) - A Japanese-backed consortium has won state approval for changes in its plan to import liquefied natural gas (LNG) to Port Kembla on Australia’s east coast, allowing the terminal to bring in more gas during the southern hemisphere winter months. Australian Industrial Energy (AIE) said on Monday that with the planning approval from the state of New South Wales (NSW) in hand, it would now focus on securing customers for the A$250 million ($159 million) terminal. The project is backed by the world’s biggest LNG buyer, Japan’s JERA, as well as Japanese trading house Marubeni Corp and Australian mining billionaire Andrew Forrest’s Squadron Energy. Though vast resources elsewhere in the country make Australia the world’s second-largest LNG exporter, dwindling sources in its southern, most populous states mean imports will be required. [L3N2030GN] If AIE reaches a final investment decision this year,
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