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- Mitsui & Co., Ltd.
Corporate Communications Division
Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Tatsuo Yasunaga) is pleased to announce that Fairway Methanol LLC, a 50-50 joint venture between Mitsui and major U.S. chemicals company Celanese Corporation ("Celanese", Head Office: Dallas, Texas), commenced production of methanol with an annual production capacity of 1.3 million tons, which is the quantity originally planned.
In addition to access to reliable supplies of price competitive feedstock gas thanks to the shale revolution, the superiority of the manufacturing business in the market is ensured by the use of existing infrastructure belonging to Celanese situated in Pasadena, Texas. Mitsui and Celanese will each take a portion of the methanol produced. Mitsui will sell the methanol mainly in the United States. Methanol is used to meet a wide range of demands, including those for housing materials, high-performance plastics for motor vehicles and electronics, and medical applications. Demand for this basic industrial material is expected to remain steady. By ensuring the stable supply of methanol, Mitsui will contribute to growth across a wide spectrum of industries.
Mitsui utilizes its shale gas business in the United States as the starting point for expanding the scope of its downstream activities in the gas value chain, including chemicals and infrastructure. In combination with the upstream gas production business, we can build a strong and stable business portfolio less susceptible to the impact of gas price fluctuations.
|Company name||Fairway Methanol LLC|
|Location||Pasadena, Texas, U.S.A.|
|Established||December 2, 2013|
|Representative||Thomas Kelly, CEO|
|Activities||Manufacture and sale of methanol|
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.