Japanese firms to spend billions on Australian gas

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The Wheatstone LNG project is among the big projects underway in Western Australia.

Mark Willacy

Last Updated: Wed, 16 May 2012 19:13:00 +1000

The operator of the crippled Fukushima nuclear plant and several other leading Japanese firms will spend more than $US4 billion dollars to buy a stake in a major West Australian natural gas field.

Japan is seeking alternatives to atomic power after the meltdown at Fukushima.

Japan's Nikkei newspaper is reporting that the Japanese firms, led by Mitsubishi and TEPCO, will buy a stake in Western Australia's $29 billion Wheatstone liquefied natural gas project.

The Japanese group will have a 10 per cent share in the gas fields and an eight per cent interest in the LNG facilities.

Japan is the world's biggest LNG importer and after the nuclear meltdowns at Fukushima the country is desperate to secure alternative sources of power.