MITSY - Australia's Waitsia gas project to proceed despite contractor collapse Mitsui says

Mitsui ( OTCPK:MITSY ) ( OTCPK:MITSF ) said Tuesday that work will continue on the Waitsia Gas Project Stage 2 in Western Australia despite the collapse of Clough Group, the project's engineering, procurement and construction contractor.

Australian engineering and construction firm Clough was placed into voluntary administration by its South African parent Murray & Roberts after discussions to sell the business fell through.

Waitsia Gas Project Stage 2, which Mitsui ( OTCPK:MITSY ) ( OTCPK:MITSF ) owns with joint venture partner Beach Energy ( OTCPK:BEPTF ), is one of several projects in Australia and elsewhere facing potential delays following Clough's collapse.

Waitsia is one of the largest gas fields ever discovered onshore in Australia, and Waitsia Stage 1 has been supplying 20-30 TJ/day of gas since August 2020.

Gas production at Waitsia Stage 2, which involves the construction of a 250 TJ/day gas processing plant to enable liquefied natural gas exports, is expected to begin in H2 2023.

Mitsui ( OTCPK:MITSF ) ( OTCPK:MITSY ) recently raised its profit forecast by 22.5% and its dividend forecast by 8.3%, Gary Gambino writes in an analysis published on Seeking Alpha .

For further details see: