Woodside to Sell $1.4 Billion Stake in Key Gas Project to Jera [BNN Bloomberg (Canada)]
SUMITOMO CORP S/ADR (SSUMY)
NASDAQ:AMEX Investor Relations:
sumitomocorp.co.jp/en/ir
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Source: BNN Bloomberg
Jera Co., Japan's biggest power producer, as consumers aim to secure long-term supply. The accord includes a $740 million purchase price and reimbursement for expenditure on the project off the coast of Western Australia, the Perth-based supplier said Friday in a statement. It follows the sale last year of a 10% stake in the controversial development to LNG Japan Corp., owned by trading houses Sumitomo Corp. and Sojitz Corp. Jera's purchase “is a further demonstration of the importance of the project to Japanese customers and confidence in long-term demand,” Woodside Chief Executive Offer Meg O'Neill said in the statement. Read More: LNG Demand to Keep Rising on Asia's Energy Growth, Woodside Says Woodside rose 0.8% as of 12:48 p.m. in Sydney, reversing an earlier decline of as much as 1.7%. Scarborough, which is scheduled to deliver first LNG shipments in 2026, is forecast to produce as much as 8 million tons of the fuel a year. The project has become a major focus for clim
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