Sempra Infrastructure, a subsidiary of Sempra, has entered into a memorandum of understanding (MOU) with the Japan Bank for International Cooperation (JBIC) to cooperate on opportunities to advance the energy transition. Through this MOU, Sempra Infrastructure and JBIC aim to further project structuring to improve the global energy supply chain through liquefied natural gas (LNG), hydrogen and other decarbonization efforts in both the United States and Japan.
"Sempra Infrastructure is thrilled to expand its collaboration with JBIC as we look forward to advancing projects that lower the carbon intensity of our energy delivery assets in North America," said Justin Bird, CEO of Sempra Infrastructure. "We have built our relationships with customers and the export credit agencies in Japan over the past decade and are excited to expand our relationship with JBIC as we continue developing projects in support of our net-zero business. This collaboration will help us continue advancing our mission of developing energy infrastructure that provides access to safe, secure and affordable energy to our global partners."
The Sempra family of companies have partnered in various ways with Japanese companies for half a century. More recently, these partnership efforts are reflected in Sempra Infrastructure's Cameron LNG facility and recently announced strategic collaboration with a Japanese consortium, which calls for an evaluation of potential enhancements of the energy supply chain in support of decarbonization through e-natural gas as part of the ReaCH4 Project. In addition, the company is developing the Hackberry Carbon Sequestration Project, which contemplates the participation of two Japanese companies. Both development projects are in close geographical proximity to the Cameron LNG facility.
The U.S. Department of Energy and Japan's Ministry of Economy, Trade and Industry are currently implementing a Memorandum of Cooperation (MOC) in the field of carbon capture, storage, conversion and recycling, and carbon dioxide removal. The MOU between Sempra Infrastructure and JBIC is intended to help Sempra Infrastructure and its customers in Japan meet many of the objectives of the MOC and helps support further efforts between the two countries to advance decarbonization efforts. As Japan's policy-based financial institution, JBIC has articulated a mission to continue to financially support the creation of business opportunities for Japanese companies and the securing of a stable supply of energy.
The referenced MOU is a preliminary, non-binding arrangement, and the development of any project in connection with the MOU is contingent upon completing the required commercial agreements, securing and/or maintaining all necessary permits, obtaining financing, and reaching a final investment decision, among other factors and considerations.
