Itochu Corp. says it will invest in the construction of an export base for liquefied petroleum gas in the United States with the major energy trading Vitol group.
Construction of the base in the Gulf Coast region will entail about $500 million, or ¥4.5 billion. Itochu said Wednesday its investment will account for 34 percent of the total.
Starting in late 2014, Itochu said it aims to export about 3 million tons of LPG a year from the base, which will be equipped with facilities to refine and store the gas.
Of the 3 million tons, Itochu plans to export 1 million tons to Japan and elsewhere in Asia.
LNG confab in fall
The government plans to host a conference this autumn between nations that produce and those that consume liquefied natural gas, Minister of Economy, Trade and Industry Toshimitsu Motegi said Wednesday.
Motegi unveiled the plan during a meeting with Maria van der Hoeven, executive director of the International Energy Agency.
The conference, likely to be held in Tokyo, will be the second of its kind.