Nippon Yusen Kabushiki Kaisha (NYK), together with the Mitsubishi Corporation (MC) and the Tokyo Electric Power Company Incorporated (TEPCO), today announced their participation in the Wheatstone LNG project, which is being promoted by the U.S.-based Chevron Corporation and other companies in Australia.  

The consortium of NYK, MC, and TEPCO has obtained equity interests in the project (gas fields: 10%, LNG plant: 8%) through a newly established special-purpose company called PE Wheatstone Pty. Ltd. (PEW), which is headquartered in Perth, Western Australia. PEW will lift a certain volume of LNG in the project in proportion to its equity interest.

The project is led and operated by Chevron, and construction work is in progress with the aim of starting LNG production from the end of 2016. The project will produce 8.9 million tons per annum (mtpa) of LNG. TEPCO executed two Heads of Agreements with Chevron in December 2009 to acquire an equity interest in and purchase approximately 3.1 mtpa of LNG from the project.

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