Mitsui & Co., Ltd. ("Mitsui") announced today that it has obtained an award from Mexican Federal Electricity Commission ("CFE") in regards to the concession rights for construction and operation of an LNG receiving terminal in Manzanillo city, together with Korea Gas Corporation ("Kogas") and Samsung Corporation ("Samsung").
The project company ("Company") established by Mitsui, Kogas, and Samsung, of which equity participation in the company is respectively 37.5%, 25% and 37.5%, will construct a terminal which has storage and re-gasification facilities in Manzanillo city located on the Pacific coast in Mexico. The Company will manage and operate the facilities for 20 years based on a service contract with CFE. The total project cost will be approximately US$900 millions. The re-gasified gas (14 million cubic meters per day) will be delivered to CFE after commercial start-up scheduled at middle of year 2011.
Mitsui has positioned the natural resource and energy related infrastructure business as one of the core business, and aims to develop business further in this field.
||Terminal KMS de GNL, S. de R.L. de C.V.
||Mitsui 37.5%, Kogas 25%, Samsung 37.5%
||Mexican Federal Electricity Commission (CFE)
||LNG receiving tank (150,000m3 x 2 units),
Re-gasification facility, Jetty
||14 million cubic meters per day
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.