BREAKING: 🇯🇵 Japan and the 🇺🇸 US have signed deals worth $36 billion for gas and minerals.
Japan plans to invest up to $36 billion in oil, gas, and critical minerals projects in the US — the first tranche of its $550 billion commitment under a trade agreement signed with President Donald Trump.
Japanese Prime Minister Sane Takai said the projects are aimed at creating sustainable supply chains through cooperation in areas critical to economic security, including critical minerals, energy, and artificial intelligence.
"We believe this initiative is fully consistent with its key objectives: promoting mutual benefits between Japan and the United States, ensuring economic security, and stimulating economic growth," she said.
Japan is expected to invest up to $33 billion in the gas plant, which will be managed by SoftBank Group Corp. subsidiary SB Energy.
Japanese companies Toshiba Corp. and Hitachi Ltd. have also expressed interest in participating in the gas project, Japanese Trade Minister Ryosei Akazawa told reporters.
If the plant operates at full capacity, it will be equivalent to nine nuclear reactors or approximately the amount of electricity consumed by about 7.4 million homes in the largest US power grid, operated by PJM Interconnection LLC.
The second project is a deepwater crude oil export terminal in the Gulf of Mexico. The $2.1 billion investment in the Texas GulfLink export terminal will be managed by Sentinel Midstream and is expected to enable up to $30 billion in annual U.S. oil exports at full capacity.
The Japan Bank for International Cooperation and Nippon Export and Investment Insurance are expected to play key roles in financing the projects. It is unclear how much of the funding will be provided in the form of direct investment.
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