TOKYO: Mitsui & Co. and Mitsubishi Corp. said Tuesday that they have agreed with the government of Oman to extend their interests in a liquefied natural gas project in the Middle East country.

The expiration of the major Japanese traders’ stakes in the “Oman LNG” project, which has an annual production capacity of 7.6 million tons, will be extended from 2024 to 2034.

Mitsui and Mitsubishi hold a 2.77 percent stake each in the project, in which another Japanese trading house, Itochu Corp., is also a stakeholder, with 0.92 percent. It is also participated by British oil giant Shell PLC as well as the Omani government.

Also, Mitsubishi and Itochu will extend their interests in the “Qalhat LNG” project in Oman until 2029 based on their recent agreement with the Omani government. The two companies have a 3.0 percent stake each in the project with an annual production capacity of 3.8 million tons.

JIJI Press