For inquiries on this matter, please contact
- Mitsui & Co., Ltd.
Corporate Communications Division
On November 30, Mitsui & Co., Ltd. ("Mitsui", President, Masami Iijima, Headquarter, Chiyoda-ku, Tokyo) and The Tokyo Electric Power Co., Inc. ("TEPCO", President, Masataka Shimizu, Headquarter, Chiyoda-ku, Tokyo) have concluded the sale of a 50% share of interest in Tarong North power station, which Mitsui and TEPCO own through TM Energy (Australia) Pty Ltd ("TM Energy"). TM Energy was jointly established by Mitsui Power Investment Pty Ltd ("Mitsui Power Investment", a subsidiary of Mitsui) and Tokyo Electric Power Company International B.V. ("TEPCO International", a subsidiary of TEPCO) and in 2002.
As a result of strategic asset reviews, both Mitsui and TEPCO decided to sell their shares of interest (50% in total, 15% owned by Mitsui and 35% owned by TEPCO) in Tarong North to TN Power Pty Ltd ("TN Power", a subsidiary of Tarong Energy Corporation Limited ("Tarong Energy"), which is a state-owned power generation company in Queensland). TN Power's acquisition of Mitsui and TEPCO's shares of interest resulted in its 100% ownership of the power station.
Mitsui will continue to focus on the power generation business as one of its core businesses, through both developing/acquiring new projects and expanding/improving its existing ones.
TEPCO will continue to actively pursue overseas business opportunities utilizing its technical expertise and for this project will continue to provide operations and maintenance support to ensure the safe and smooth operation of the power station.
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.