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- Mitsui & Co., Ltd.
Corporate Communications Division
TOKYO, May 24, 2007 - Equatorial Guinea LNG Holdings Limited ("EG LNG Co"), in which Mitsui & Co., Ltd. has a stake, announced yesterday that it has completed the delivery of the first cargo of Liquefied Natural Gas (LNG) produced from its Train 1 liquefaction plant, six months ahead of schedule. EG LNG Co will supply 3.4 mmtpa of LNG produced from Train 1 to BG Gas Marketing Ltd (BG) for 17 years, in accordance with the purchase and sales agreement between them. BG will mainly destine the cargoes for the United States, while it holds destination flexibility in determining destination.
EG LNG Co is a joint venture company consisting of Marathon Oil Corporation (60%); Sonagas G.E. S.A. (25%), the National Gas Company of Equatorial Guinea; Mitsui & Co., Ltd. (8.5%) and Marubeni Gas Development Corporation Ltd. (6.5%). The USD 1.5 billion Train 1 liquefaction plant has been constructed on the northwest side of Bioko Island at Punta Europa, near Equatorial Guinea's capitol city of Malabo.
Setting Mineral Resources and Energy business as a core area of activity, Mitsui has been forging its LNG business through participation in successful LNG projects such as Abu Dhabi, North West Shelf Australia, Qatar, Oman, Sakhalin II, and Indonesia Tangguh. The commencement of delivery from EG LNG Co enhances Mitsui's LNG business portfolio and sets new grounds for Mitsui's further business activities in the globalizing LNG market.
This press release includes forward-looking statements about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission.
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