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- Mitsui & Co., Ltd.
Corporate Communications Division
Mitsui & Co., Ltd. ("Mitsui") announced today that it has signed a landmark long-term agreement for energy wood pellets with Australia's largest manufacturer and exporter of energy wood pellets, Plantation Energy Australia Pty Ltd ("Plantation Energy"). The deal, worth 6 billion yen and the largest of its kind in Asia, will see energy wood pellets supplied to coal-fired power stations in Japan and potentially other Asian countries.
The energy wood pellets are manufactured in a process which takes biomass materials such as woodchips and reduces and compresses them into cylindrical pellets of densified biomass fuel. The pellets can be used alongside coal to fire power stations boilers, reducing the use of coal and in turn reducing the output of carbon emissions. There is already a well established and growing market for energy wood pellets in Europe, the USA and other countries which look to biomass as a source of clean and renewable energy.
Since April 2003, Japanese law requires electricity retailers to source a minimum percentage of their electricity from renewable energy sources under its Renewable Portfolio Standard (RPS) scheme designed to promote the usage of renewable energy. The scheme is flexible and allows for the use of a variety of renewable energy sources, including biomass, and consequently Japanese power utilities are now considering the usage of energy wood pellets.
Mitsui, in its efforts to contribute to the realization of a low carbon economy, will take positive steps to promote the supply of energy wood pellets to coal-fired power stations not only in Japan but also to other potential countries globally.
|Year of Establishment||2008|
|Location of Head Office||Melbourne, Australia|
|Representative||Bob Warburton, Chairman|
|Business activities||Manufacture and export of energy wood pellets|
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.
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