Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) announced that it has been selected by the Agency for Natural Resources and Energy of the Ministry of Economy, Trade and Industry of Japan ("METI") to be a recipient of a subsidy for oil refining technology projects in oil-producing countries, and has recently commenced an on-site verification project for the recovery and utilization of CO2 emitted from existing gas-fired power plants in the Sultanate of Oman.
The project involves the installation of a CO2 capture facility at the Ibri gas-fired power plant (1,509 MW) and the Sohar-3 gas-fired power plant (1,710 MW) in northern Oman, in which Mitsui is the largest shareholder, and the on-site verification of a project to transport the captured CO2 to a designated point and utilize them. This will be carried out through dialogues between the field owners who are planning to implement enhanced gas recovery (EGR) and enhanced oil recovery (EOR), relevant ministries and agencies, and state-owned companies of Oman.
As part of its efforts to respond to climate change, Mitsui is focusing on the commercialization of low-carbon initiatives and CO2 capture and utilization at existing thermal assets, and intends to accelerate these efforts through this verification project in order to contribute to the low-carbon society of Oman.
“Build brighter futures, everywhere” as our corporate mission, and to gain the trust and expectations of our stakeholders to realize a better tomorrow for earth and for people around the world, we have identified five material issues (“Materiality”) for Mitsui’s sustainable growth. We anticipate this particular project/ business to contribute especially to the realization of “Create an eco-friendly society” and “Develop talent leading to value creation”
Secure sustainable supply of essential products
Enhance quality of life
Create an eco-friendly society
Develop talent leading to value creation
Build an organization with integrity