Australian billionaire buys out Japanese partners' stakes in LNG import project

Credit: REUTERS/© Toru Hanai / Reuters

Australian billionaire Andrew Forrest has bought the stakes of Japan's JERA and Marubeni Corp in an LNG import terminal in the state of New South Wales to help speed up the project, his company Squadron Energy said on Tuesday.

MELBOURNE, Oct 20 (Reuters) - Australian billionaire Andrew Forrest has bought the stakes of Japan's JERA and Marubeni Corp 8002.T in an LNG import terminal in the state of New South Wales to help speed up the project, his company Squadron Energy said on Tuesday.

Squadron acquired Marubeni's 30.1% interest and JERA's 19.9% stakes in Australian Industrial Energy, which is developing the project, for an undisclosed price.

JERA, the world's biggest liquefied natural gas (LNG) buyer, is owned by Tokyo Electric Power Company Holdings 9501.T and Chubu Electric Power 9502.T.

"Squadron Energy is committed to the expedited development of the gas import terminal with the objective of having the capacity to supply 70% of NSW's gas needs by late 2022," Squadron Energy said in a statement.

(Reporting by Sonali Paul; Editing by Himani Sarkar)

((Sonali.Paul@thomsonreuters.com; +61 407 119 523;))

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