Reuters: Deals: Inpex to take stake in Shell's Prelude LNG project

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Inpex to take stake in Shell's Prelude LNG project Mar 16th 2012, 07:43 TOKYO | Fri Mar 16, 2012 3:43am EDT TOKYO (Reuters) - Japan's Inpex Corp (1605.T) said on Friday it is buying a 17.5 percent stake in the Prelude floating liquefied natural gas (LNG) project in Australia from Royal Dutch Shell Plc (RDSa.L) in a cash deal, aiming to utilize the experience at its Abadi floating LNG project in Indonesia. Inpex did not disclose the value of the deal, but said it would have little impact on its bottom line. Inpex, Japan's top oil and gas developer, in July selected Shell as a strategic partner for Indonesia's Abadi gas field and sold it a 30 percent stake in the project. Shell's Prelude project will likely be the first floating LNG project online, according to industry experts, although several other projects are also due to come online before the end of the decade. Currently, Inpex is considering starting the front-end engineering and design (FEED) on Abadi project in the second half of 2012, a company spokesman said. Inpex shares ended 0.4 percent on Friday, ahead of the announcement. (Reporting by Mayumi Negishi and Osamu Tsukimori; Editing by Muralikumar Anantharaman)

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