Marubeni to acquire 49 pc stake in floating production platform project

6:00 AM, 11th February 2013

Marubeni to acquire 49 pc stake in floating production platform project

TOKYO, JAPAN: Marubeni Corporation has entered into an agreement with Williams Partners LP to acquire 49 per cent interests in the floating production platform project for Tubular Bells Field in the Gulf of Mexico, United States. Marubeni and Williams have also simultaneously entered into a MoU about jointly developing petrochemical downstream projects and oil & gas infrastructure projects utilizing gas produced in North America including shale plays.

Marubeni will invest in Gulfstar One LLC, a US company established by Williams. Gulfstar entered into an agreement with Hess Corporation and Chevron US Inc, two of the largest US energy companies, to provide production handling and gas processing services in Tubular Bells field Hess and Chevron lease. Gulfstar is currently constructing a floating platform in the US and expects to start the service in the first quarter of 2014.

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