The venture would use a next-generation J1 rocket, which is currently being developed by Japan's National Space Development Agency (NASDA), said IHI spokesman Kazuteru Osada.

Apart from Lockheed Martin, IHI is also in talks with trading house Mitsubishi Corp., Kawasaki Heavy Industries Ltd., Japan Aviation Electronics Industry Ltd., US firm Aerojet and subsidiary IHI Aerospace Co., he said.

"These companies are in talks to set up a joint venture," Osada said.

Once established, the consortium would help finance the estimated 40-billion-yen (370-million-dollar) development costs of the rocket, which will be able to place a three-tonne satellite in orbit, he said.

The consortium would finance one-third of the rocket's development costs with NASDA putting up the rest, said the Nihon Keizai Shimbun.

Osada declined to comment on the business daily's figures.

NASDA is hoping the new rocket, due for launch in 2004, will salvage its reputation after suffering a series of disasters with its H-2 rocket programme.

The programme was dealt a fresh blow on May 25 with the surprise cancellation of an 830-million-dollar satellite-launch contract by US company Hughes Space and Communications International Inc.

Last November, Japan's space authorities exploded a 24-billion-yen H-2 rocket and satellite by remote control when it veered off course after liftoff.

In February 1998, a 36-million-dollar satellite was lost in space despite a successful separation from an H-2 rocket because it was released at the wrong altitude and sent into an elliptical orbit.

Copyright 2000 AFP. All rights reserved. The material on this page is provided by AFP and may not be published, broadcast, rewritten or redistributed.

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