On September 6, 2013, the first executive meeting was held on an Arizona pipeline project, in which Mitsui & Co., Ltd. has acquired a 30% stake, having reached agreement with Kinder Morgan and Mexican state-owned oil company PEMEX on its participation. The project consists of the construction of a 100 km pipeline and the transportation of U.S. natural gas to Mexico for 25 years.
Prior to this, on April 9, 2013, Mitsui entered into an MOU with PEMEX for collaboration in energy-related business, which was witnessed by the President of Mexico, and this project marks the first joint venture project implemented under the MOU.
Concurrent with the materialization of energy reforms proposed by the Mexican government, it is expected that there will be more private investment and business opportunities in the energy sector in Mexico.
In cooperation with PEMEX under the MOU, Mitsui has already started to follow up on various opportunities in preparation for the implementation of Mexico's energy reforms. Mitsui will continue its efforts to contribute to the stable growth of Mexico through materialization of related infrastructure projects.