Japan's government and several major firms are to buy a 10.0percent stake in an Australian natural gas field as the countryseeks alternatives to atomic power, a spokeswoman for one of thecompanies said Wednesday. The consortium, including the operator of the crippled Fukushimanuclear plant Tokyo Electric Power and state-backed Japan Oil, Gasand Metals National Corp. (JOGMEC), is to invest $4.4 billion inthe Wheatstone liquefied natural gas project in the state ofWestern Australia, a JOGMEC spokeswoman told AFP. Japan is heavily involved in Australia's burgeoning LNG sector anda major customer for its gas as it searches for alternatives tonuclear power following last year's crisis at the plant, operatedby Tokyo Electric Power, or TEPCO. The Asian nation is the world's biggest LNG importer. All 50 of Japan's atomic reactors remain switched off amid a waveof anti-nuclear sentiment after last year's tsunami swampedreactors at Fukushima, sending them into meltdown. The consortium, which will pay about 350 billion yen ($4.4 billion)for the investment in a project led by US-based Chevron, alsoincludes Japanese trading house Mitsubishi Corp. and shippingcompany Nippon Yusen, the spokeswoman said. TEPCO said in 2009 that it would acquire 15.0 percent of the gasfield development rights and an 11.25 percent interest in thebusiness, which is expected to produce 8.9 million tons annuallyfrom 2016. The utility's negotiations were put on hold after the March 11quake-tsunami disaster last year, which sparked the worst atomiccrisis in a generation. But as Chinese and other foreign rivals eyed the gas field project,"the government decided to support the deal through JOGMEC," thecompany spokeswoman said. The move comes as Australian foreign minister Bob Carr arrives inJapan Wednesday for talks with his Japanese counterpart. The deal also comes amid expected customer price hikes at TEPCO, inwhich Tokyo is buying a controlling stake as the firm faces a hugeclean-up and compensation bill over the disaster. The troubled company has said it will hike electricity rates undera 10-year restructuring due to surging fuel costs for thermal powergeneration, which had to be ramped up following the nuclear plantshutdowns. In January, Tokyo-based energy firm Inpex and France's Totalunveiled a huge US$34 billion LNG project in western Australia withannual output of 8.4 million tonnes, serving Japanese and Taiwaneseclients. The e-commerce company in China offers quality products such as High Speed HDMI Cable 1.4 , Color HDMI Cable Manufacturer, and more. For more , please visit Color HDMI Cable today!
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