Mitsui & Co., Ltd. ("Mitsui") announced today that Mitsui established a 100% subsidiary, Mitsui & Co. LNG Investment Limited ("MITLI"), with a capital of US$1,017million in the United Kingdom to manage its existing LNG investments. Mitsui transferred and integrated its investments in LNG projects located in the Middle East and Africa into MITLI so that Mitsui can manage the investments in an efficient and integrated manner including re-investment of proceeds from such investments into new LNG projects in the area as well as further developments of the existing projects.
Mitsui positions mineral resources and energy business area as a key business, and has developed LNG business to its core business through participations in various LNG projects including Abu Dhabi, North West Shelf Venture in Australia, Qatar, Oman, Sakhalin II in Russia, Equatorial Guinea and Tangguh in Indonesia. LNG is regarded as an environmentally-friendly energy compared with coal and oil, and the demand is expected to be increasing globally. It is Mitsui's policy to expand LNG business to contribute to stable supply of energy for the world as well as for Japan.
This transaction is not expected to have any significant impact on Mitsui's consolidated financial results of fiscal year ended March 31, 2011.
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.
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