Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Tatsuo Yasunaga) and China's Golden Concord Group ("GCL Group") have entered into a Memorandum of Understanding to cooperate on business relating to electric vehicles (EV), liquefied natural gas (LNG) and energy conservation.

This agreement follows the establishment of a joint venture for new-generation energy and infrastructure related business with GCL Group in June 2018, and aims to utilize the momentum of economic cooperation between private enterprises in Japan and China promoted at the China-Japan Third-Party Market Cooperation Forum to create new value in the clean energy field, which continues to grow both in China and overseas.

Mitsui and GCL Group will consider the utilization of AI in the energy conservation field, collaboration on LNG initiatives centering on import terminals on China's coastal regions, and EV related projects in Ordos City, a subdivision of Inner Mongolia, China.

Mitsui is aiming to accelerate initiatives relating to the diversification of power sources in the field of next-generation power, energy management services, and renewable energy, which are fundamental strategies in our efforts to launch new infrastructure businesses in the field of Machinery & Infrastructure, a core area in our Medium-Term Management Plan.

Outline of Golden Concord Group Limited