Regional LNG: Mitsui to take part in Qatari LNG project

Japanese trading house Mitsui & Co. has agreed to take part with the state-run Qatar General Petroleum Corp. in a planned liquefied natural gas project in northern Qatar, Mitsui officials said Tuesday as reported by Kyodo News.

The gas field for the project would be one of the world's largest, turning out 7.8 million tons of natural gas annually, they said.

ConocoPhillips Co. of the United States and the Qatari corporation have major stakes in the $5.5 billion project to produce LNG beginning in mid-2009.

Under the agreement, Mitsui will acquire a 1.5 percent stake in the project and receive 10 million barrels of ultra-light crude oil and a part of the natural gas output over 13 years, the officials said.

The company has also participated in another Qatari LNG production project since 1989. (*)