Japan Provides $1 Billion Loan to Develop Australian Gas Project
- JBIC signs pact with Woodside for Scarborough development
- Japan is moving to ensure gas supply after 2022 energy crisis
Japan will provide Woodside Energy Group Ltd. a $1 billion loan to develop a natural gas project in Australia, another move by the Asian energy importer to ensure the supply of fossil fuel for decades.
The loan for the Scarborough project, which is scheduled to deliver its first LNG shipment in 2026, will come from the Japan Bank for International Cooperation, according to a statement from Woodside. The public financial institution has stepped-up efforts to secure LNG, including granting loans for fuel purchases.