Citi Perspectives Spring 2020

Background Japan’s largest energy exploration and production company, INPEX Corporation (“INPEX”), began its collaboration with Citi in 2008, to support its business expansion in Australia. INPEX’s Perth- based headquarters, the company’s largest office globally, were established to coordinate exploration activities across the Ichthys gas field, 220 kilometers off the northwest coast of Australia. Citi significantly expanded its support of INPEX in 2012, following the Ichthys Joint Venture’s Final Investment Decision (FID) to develop the Ichthys Field. INPEX-operated Ichthys LNG began production in mid-2018, delivering clean energy and underpinning Japan’s energy security, while generating significant economic and social benefits to Australia for decades to come. It is one of the few energy developments worldwide to incorporate the whole chain of development and production: subsea, offshore, pipeline and onshore. As a socially responsible energy company, INPEX is committed to enriching communities across Australia, along with accelerating its response to climate change and delivering energy in a sustainable way. In addition to project financing, Citi provides comprehensive cash management services, including domestic and cross-border sweeping structures, WorldLink ® Foreign Currency Payment Services, Commercial Card (T&E and PCard), trade bond issuance, FX and Commodity Risk Hedging to INPEX Australia. Introduction INPEX’s investments in Australia are the largest of its kind by any Japanese company globally. In parallel with building trust with its stakeholders through careful consultation and engagement, INPEX is contributing to the creation of a sustainable society by steadily fulfilling its social responsibilities across its entire business chain. These responsibilities include safety management, environmental protection, workplace diversity, job creation, investment in its host communities and human rights initiatives. In 2018, INPEX formulated its Vision 2040, which outlines its business goals and sustainability initiatives, and identifies Australia as one of the company’s core business areas. Yuko Tokunaga Corporate Social Responsibility Lead, INPEX John Williams Government Affairs Manager, INPEX Tim Waggett Asia Pacific Head, Energy Sector Sales, Treasury and Trade Solutions, Citi