13 September 2012
Perth, 13 September 2012: Clayton Utz has advised longstanding client Chubu Electric Power Co., Inc. ("Chubu Electric") on its acquisition of an interest in the Ichthys LNG Project.
Chubu Electric will join INPEX, TOTAL, Toho Gas, Tokyo Gas, and Osaka Gas to develop the Ichthys fields, located in the Browse Basin off-shore of Western Australia, for the production of LNG and condensate. Chubu Electric will also enter into associated long term off-take arrangements from the Ichthys Project.
A Clayton Utz team led by Perth Energy & Resources/Mergers & Acquisitions partners Kevin O'Sullivan and Adel van der Walt, and assisted by lawyers Tom Jasper, Kate Pullinger and Sarah Parkinson advised on all aspects of the transaction including due diligence, negotiation of the sale and purchase documentation, and completion.
Commenting on the significance of the transaction Mr O'Sullivan said: "The project is the first Australian LNG project to be operated by a Japanese company (INPEX) and therefore represents a significant milestone in Japanese participation in the sector."
Clayton Utz has previously advised Chubu Electric on its investments in & off-take arrangements from the Gorgon LNG Project & the Integra Coal Project.