Toyota unit gains gas exploration stake off W. Australia

March 11, 2008
Toyota Tsusho, a general trading company affiliated with Toyota Motor Corp., has obtained a 7.5% stake in a 4,200 sq km natural gas concession off Western Australia.

Eric Watkins
Senior Correspondent

LOS ANGELES, Mar. 11 -- Toyota Tsusho Corp., a general trading company affiliated with Toyota Motor Corp., has obtained a 7.5% stake in a 4,200 sq km natural gas concession off Western Australia.

Toyota Tsusho purchased its interest from Woodside Energy Ltd. and BHP Billiton for an undisclosed sum. Toyota Tsusho will develop the project jointly with the two Australian firms.

Production is expected to begin in 2015, and gas from the concession will be sold as LNG to Japan and the US.

Toyota Tsusho has been seeking entry into upstream operations, and this acquisition marks the firm's first entry into gas exploration.

Contact Eric Watkins at [email protected].