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Mitsui & Co., Ltd. ("Mitsui"; Head Office: Tokyo, President and CEO: Masami Iijima) entered into the joint venture agreement of Laffan Refinery 2 Project acquiring 1% interest in the venture (Laffan Refinery Company Limited 2) on 21 April, 2013. Other participants in the venture are Qatar Petroleum ("QP") , Total S.A. ("Total"), Idemitsui Kosan Co., Ltd. ("Idemitsu"), Cosmo Oil Co., Ltd. ("Cosmo"), and Marubeni Corporation ("Marubeni").
Mitsui has been participating in Laffan Refinery Company with 4.5% share and it has been successfully operating phase 1 condensate refinery Laffan Refinery 1 ("LR1"; Processing Capacity: 146,000 barrels per day) built in Ras Laffan Industrial City since 2009.
Laffan Refinery 2 ("LR2"; Refining Capacity: 146,000 bpd) is expected to become operational in the latter half of 2016. The total cost of the LR2 project is anticipated to be approximately US$1.5 billion. As with LR1, LR2 will produce high value-added petroleum product such as naphtha, kerosene, gasoil and LPG by refining condensate produced from the North Field of Qatar, the largest single natural gas field in the world. Furthermore, LR2 is designed to offer extra added value with newly equipped diesel hydrotreater for desulfurization which enables to produce environmentally-friendly gasoil. Meanwhile, sharing certain facilities between LR1 and LR2 is expected to enhance commercial viability of both of them.
Mitsui ,as a long time partner with QP, has commited to contribute to the development of the State of Qatar, especially in energy and natural resources industry since its participation in Qatargas 1, which was the first established LNG project in Qatar, followed by the participation in Qatargas 3 and the long-term purchase of condensate produced by Qatargas 3. By participating in the LR2 project, Mitsui will become more engaged in the condensate related business while contributing to the State of Qatar by helping to bring about further development of the nation's energy and other sectors.
|Name of Company||Laffan Refinery Company Limited 2|
|Head Office||Doha, State of Qatar|
|Establishment||April 2013 (planned)|
|Representative||Sheikh Khalid Bin Khalifa Al-Thani, CEO|
|Business Activities||Refining of petroleum products|
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement 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.