---

Marubeni Corporation says it has reached an agreement with GDF Suez on participation in an offshore liquefied natural gas (LNG) receiving terminal project in Uruguay to provide an LNG receiving, storage and regasification service which GDF Suez has been developing through its affiliate International Power S.A..

Through a holding company incorporated in Spain by Marubeni and IPSA on a 50/50 basis, Marubeni and IPSA will participate in GNLS S.A. - a business incorporated in Uruguay as a wholly owned subsidiary of the holding company.

The project consists of the construction of one of the world’s largest floating storage and regasification units (FSRUs) located around 2 kilometres offshore in the La Plata River, near Montevideo, and providing the LNG receiving, storage and regasification service for a period of 15 years from the commencement of commercial operation of the aforementioned FSRU.

The terminal usage agreement was executed on October 1 2013 between GNLS and Gas Sayago S.A., created on a 50/50 basis by the National Administration of Power Generation and Transmission (Administración Nacional de Usinas y Trasmisiones Eléctricas - UTE) - a Uruguayan state-owned enterprise dedicated to the generation, transmission , distribution and supply of electricity, provision of related services and consulting - and the National Administration of Fuels, Alcohol, and Portland Cement (Administracién Nacional de Combustibles, Alcohol, y Portland - ANCAP) - Uruguay's state-owned producer of petroleum products, Portland cement and alcoholic beverages. It is scheduled to commence commercial operation of the initial phase in July 2015.

"This is the first offshore LNG receiving terminal project in Uruguay and is also the first time in the world for not only Marubeni but also Japanese companies to participate in a project of this kind," Marubeni said.

"Beginning with this Project, Marubeni aims for global expansion in the business area of offshore LNG receiving terminal projects in the future," the Japanese firm added.

Outline of the Project

FSRU Regasification Capacity: 15 million cubic metres (cbm) per day.

FRSU Storage Capacity: 263,000 cbm.

Breakwater: 1,500m.

Jetty: Berthing and working for LNG carrier and FSRU.

Jetty Top Side Facilities: Cryogenic arms to transfer LNG from LNG carrier to FSRU and high pressure gas arms for send out.