The Browse Joint Venture ("Browse JV"), in which Mitsui & Co., Ltd. ("Mitsui", Head Office: Chiyoda-ku, Tokyo, President and CEO: Masami Iijima) and Mitsubishi Corporation ("MC", Head Office: Chiyoda-ku, Tokyo, President and CEO: Ken Kobayashi) are engaged through Japan Australia LNG (MIMI Browse) Pty Ltd ("MIMI Browse"), decided to commence Preliminary Front End Engineering Design to consider the development of the Browse LNG Project utilizing Shell's Floating LNG technology.

The Browse LNG Project aims to commercialize natural gas and condensate from the East Browse and West Browse gas and condensate fields located off the coast of Western Australia. MIMI Browse, a wholly-owned subsidiary of Japan Australia LNG (MIMI) Pty Ltd, which is a 50-50 joint venture between Mitsui and MC, owns 16% and 8% working interests in the East Browse and West Browse Joint Ventures respectively.

The Browse JV initially aimed to make a final investment decision by the end of June in 2013 for the Browse LNG Project development based on construction of an onshore LNG plant near James Price Point in the Kimberley region of Western Australia. However, Browse JV decided not to proceed with the onshore development concept as it was not commercially viable due to pressures from rising costs and began to examine instead the possibility of Floating LNG development, seeking a more optimized development plan.

Mitsui and MC are carrying out the necessary studies and aim to deliver the earliest final investment decision and commercialization of the Browse LNG Project through MIMI Browse.

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.

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