Mitsubishi, Mitsui Buy Stake in Browse LNG

Mitsubishi Corporation and Mitsui & Co have decided to buy a 14.7% stake in Woodside Petroleum's Browse Liquefied Natural Gas (LNG) project in Australia for $2 bn.

The Japanese utilities will also buy 1.5m tonnes of gas from the project every year.

Woodside is the major equity holder and operator of the proposed $30 billion Browse LNG Development in Western Australia's Kimberley region.

The project aims to commercialise three gas and condensate fields - Brecknock, Calliance and Torosa.

Gas and liquids from these fields will be brought to an onshore LNG plant at the West Australian government's Browse LNG Precinct, 60 kilometers north of Broome.