The Browse Joint Venture ("Browse JV"), in which Mitsui & Co., Ltd. ("Mitsui", Head Office: Chiyoda-ku, Tokyo, President and CEO: Tatsuo Yasunaga) and Mitsubishi Corporation ("MC", Head Office: Chiyoda-ku, Tokyo, President and CEO: Ken Kobayashi) participate through Japan Australia LNG (MIMI Browse) Pty Ltd. ("MIMI Browse", equally owned by Mitsui and MC), has decided to commence front-end engineering and design (FEED) for the Browse LNG Project in Australia, having completed its preliminary front-end engineering and design (Pre-FEED). The target for a final investment decision is set for the second half of 2016. Browse JV has also agreed to integrate the East Browse and West Browse joint ventures, and as a result, the working interests held by MIMI Browse in the integrated venture will be 14.40%.

Browse JV aims to commercialize natural gas and condensate resources from the Browse gas and condensate fields located off the coast of Western Australia. Browse JV intends to develop the Browse LNG Project by utilizing Shell's floating LNG technology and Woodside's offshore development expertise.

Mitsui and MC, through MIMI Browse, will continue to carry out the necessary studies in an effort to realize the earliest commercialization of the Browse LNG Project.

About Mitsui

Mitsui & Co.'s five principal functions are marketing, financing, logistics, risk management, and IT and process development capabilities. We combine these functions to create and optimize value chains in a wide range of business fields. Maximizing our value-added content, we strive to meet the diverse needs of our customers around the world.

See the site of the Browse LNG Project