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Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Tatsuo Yasunaga) is engaged in a geothermal resource exploration project in the Matsuo-Hachimantai area of Iwate Prefecture through Iwate Geothermal Power Co., Ltd. ("Iwate Geothermal", Head Office: Hachimantai City, Iwate Prefecture, President and CEO: Motohisa Mizuta), in which Mitsui Oil Exploration Co., Ltd. ("MOECO", in which Mitsui holds a 74.261% stake, Head Office: Tokyo, President & CEO: Mitsuo Hidaka) holds a 28.86% stake. This project has now been selected for a liability guarantee by Japan Oil, Gas and Metals National Corporation (JOGMEC), which covers finance raised for future development activities.
As a result of this decision, MOECO will proceed with this project toward the commercialization of a 7,000 kW geothermal power generation scheme in collaboration with the other shareholders of Iwate Geothermal.
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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.