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Mitsui & Co., Ltd. ("Mitsui", Head Office: Chiyoda-ku, Tokyo, President and CEO: Tatsuo Yasunaga) has completed the transaction in respect of the acquisition of 35% working interest in the Kipper gas and condensate field from Santos Ltd., as of 3 March 2016 through Mitsui E&P Australia Pty Ltd a wholly-owned subsidiary of Mitsui, under the Sales and Purchase Agreement on 6 November 2015.
This acquisition is a significant step for Mitsui to expand its gas business in the region, and represents its aim to contribute to the reliable supply of energy to the Australian East coast. Diversification of energy upstream business in Australia, currently weighted towards LNG and crude oil, is also an important rationale of this investment. Mitsui believes acquisition of domestic gas asset, which is less vulnerable to global oil price, will lead to a more robust energy asset portfolio against commodity price volatility.
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.