Mitsubishi Corp.’s gas project in Iraq will receive long-term trade credit insurance, the first from Japan in 21 years for a venture in the Middle Eastern country, the Nikkei newspaper reported.

State-backed Nippon Export and Investment Insurance will insure Mitsubishi’s initial investment of about 3.5 billion yen in the natural gas extraction and processing project in Basra, the Nikkei said, without citing anyone.

Mitsubishi and its partners Royal Dutch Shell Plc and Iraq’s South Gas will form the venture as early as next month, the newspaper said. The project may cost as much as 1 trillion yen, the Nikkei said.

To contact the reporters on this story: Tsuyoshi Inajima in Tokyo at tinajima@bloomberg.net.

To contact the editor responsible for this story: Aaron Sheldrick at asheldrick@bloomberg.net.

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