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JOGMEC Provides Equity Financing to Mitsubishi Corporation's Cutbank Ridge Shale Gas Development in Canada

January 30, 2014

ENP Newswire - 30 January 2014 Release date- 29012014 - JOGMEC announced today that it will provide equity financing, coupled with the loan guarantee earlier granted, to the shale gas development of Cutbank Ridge lands in northeast British Columbia where Mitsubishi Corporation participates. In February 2012 , a Canadian subsidiary of MC, Cutbank Dawson Gas Resources Ltd. ('CDGR'), acquired a 40% partnership interest in the Cutbank Ridge Partnership where Encana Corporation , the largest natural gas producer in Canada , is the operator and managing partner to develop Montney lands, plus additional development potential in the Cadomin and Doig geological formations. JOGMEC will fund the development via Shale Gas Investment Canada Ltd. ('SGIC'), another Canadian subsidiary of MC, established as an investment vehicle of CDGR. CDGR is also financed by the bank loans, 75% of which, or CAD$ 1,950 million , is guaranteed by JOGMEC. Separately, MC, together with Shell Canada Limited , Korea Gas Corporation , and PetroChina Company Limited , announced they are jointly developing the LNG Canada project, a proposed liquefied natural gas (LNG) export facility near Kitimat, British Columbia , with the capacity to initially produce twelve million tonnes of LNG annually. JOGMEC-assisted SGIC-CGDR project is expected to supply natural gas to the LNG Canada project for exporting to Japan , that could accelerate the diversification of gas sources and, consequently, to reinforce Japan's energy security. Media Contact: Tel: +81-3-6758-8106


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Source: ENP Newswire


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