For inquiries on this matter, please contact
- Mitsui & Co., Ltd.
Corporate Communications Division
Mitsui announced today that the consortium consisting of Mitsui & Co. and GS Engineering & Construction (South Korea) signed an Engineering, Procurement and Construction (EPC) contract for building a hydro-cracking plant with Egyptian Refining Company* on 29th August.
The contract value is approx. US$1.8 Billion, which is the largest Mitsui has ever been awarded in the Middle East.
The shortage of diesel oil is a serious problem in Egypt where the popularization of automobile use has caused increased consumption of diesel oil against a background of more than 6% economic growth. The Hydro Cracking plant is planned to be built adjacent to the exiting refinery in Cairo and commence refining the residual oil produced by the refinery to diesel oil (Approx. 1,500,000MT/Year) for the domestic market from the middle of 2011.
Mitsui will continue to develop proactively a refinery project and infrastructure project in the Middle East where the other large scale refinery projects are under consideration with further economic growth expected.
* Egyptian Refining Company is the project company owned 85% by Citadel Capital (an Egyptian private investment company) and 15% by the Egyptian General Petroleum Company, which is a wholly-owned company by the Ministry of Petroleum, Egypt.
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.
This press release is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.