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Vincent Oil Field Commences Production

Aug. 28, 2008


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Mitsui & Co. Ltd. ("Mitsui") announced today that the Vincent Oil Project ("the Project"), in which Mitsui's wholly owned subsidiary, Mitsui E&P Australia Pty Ltd ("MEPAU") owns a 40% interest, has successfully commenced first oil production on August 27. Initial production rates are expected to ramp up to 50,000 barrels of oil per day (MEPAU's share: 20,000 barrels of oil per day), and naturally decline to about 40,000 barrels of oil per day by year end, after which production from additional wells is expected to supplement the decline in production.

Outlined below is a summary of the Project;

Location Permit Block WA-28-L in Offshore Northwestern Australia
Production Facility Floating Production Storage & Offloading Facility (FPSO)
(Storage Capacity: Approx 1,200,000 barrels of oil)
Operator Woodside Energy Ltd. (60% interest)

In March 2004, MEPAU acquired its 40% interest in each of production license WA-28-L and exploration permit WA-271-P, which together contained three discovered but undeveloped oil fields: Enfield, Vincent and Laverda. Vincent was first discovered in 1998 and the Final Investment Decision was subsequently made in March 2006. The oil field was developed jointly with operator Woodside Energy Ltd., the largest oil and gas exploration and production company in Australia.

Mitsui has positioned the Oceania region as one of the core areas of its oil and gas up-stream business. The region's political stability and competitive location make it a stable source of energy supply for the Asia Pacific countries, including Japan. Mitsui aims to pursue continuous exploration and production of natural resources in the region, contributing to Oceania's regional economics.

Map of Permit Block

Map of Permit Block

Notice:
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.

Information

For inquiries on this matter, please contact

Mitsui & Co., Ltd.
Investor Relations Division
Telephone: +81-3-3285-7910
Facsimile: +81-3-3285-9819
infoTKADZ@mitsui.com
Mitsui & Co., Ltd.
Corporate Communications Division
Telephone: +81-3-3285-7596
Facsimile: +81-3-3285-9819