Mitsui & Co., Ltd. ("Mitsui"), Mitsui Chemicals, Inc. ("Mitsui Chemicals"), IHI Corporation ("IHI"), and The Kansai Electric Power Co., Inc. ("Kansai") today signed a Memorandum of Understanding ("MOU") regarding a joint study to establish a hydrogen* and ammonia supply chain based in the Osaka coastal industrial zone.
Hydrogen and ammonia are energy sources that can be used to achieve carbon neutrality, as they do not emit CO2 during combustion.
Given that the technologies for production, transportation, and storage of ammonia for fertilizer and industrial applications have already been established, ammonia is expected to be utilized across a wide range of fields, including as a fuel for power generation, and for heat generation in the industrial sector.
Based on the MOU, the four companies will study the development of bases for receiving, storing, and supplying ammonia in the Osaka coastal industrial zone, and conduct surveys to expand the use of ammonia in the Kansai and Setouchi regions.
Discussions have already begun with Kobe Steel, Ltd., which is a potential candidate that could benefit from the utilization of ammonia as it has announced a commitment to achieving carbon neutrality in the electric power business.
Through this initiative, Mitsui, which holds the top share of ammonia imports to Japan, Mitsui Chemicals, which owns chemical plants in the Sakai-Senboku Coastal Industrial Zone of Osaka, IHI, which is building a value chain with its extensive ammonia-related technologies, and Kansai, which operates energy businesses in the Kansai region, will combine their experience and knowledge to contribute to the realization of a zero carbon society.
*Hydrogen that is extracted via ammonia cracking.
[REFERENCE MATERIALS—company overviews]
Outline of Mitsui & Co., Ltd. (As of March 31, 2023)
|Company name||MITSUI & CO., LTD.|
|Head Office||2-1, Otemachi 1-chome, Chiyoda-ku, Tokyo, Japan|
|Representative||Kenichi Hori, President and Chief Executive Officer|
|Major Business Areas||Utilizing our global operating locations, network and information resources, we are multilaterally pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following segments: Mineral & Metal Resources, Energy, Machinery & Infrastructure, Chemicals, Iron & Steel Products, Lifestyle, Innovation & Corporate Development.|
|Common Stock||¥342.6 billion|
|Date of Establishment||July 25, 1947|
|Number of Employees||5,449 (Consolidated employees: 46,811)|
Outline of Mitsui Chemicals, Inc. (As of March 31, 2023)
|Company name||Mitsui Chemicals, Inc.|
|Head Office||2-2-1 Yaesu, Chuo-ku, Tokyo, Japan|
|Major Business Areas||Manufacturing and sales in the areas of Life & Healthcare Solutions, Mobility Solutions, ICT Solutions, Basic & Green Materials, and other services related to each business area.|
|Paid-in Capital||¥125.6 billion|
|Date of Establishment||July 1, 1955|
|Number of Employees||18,933 (consolidated)|
Outline of IHI Corporation (As of March 31, 2023)
|Company name||IHI Corporation|
|Head Office||1-1, Toyosu 3-chome, Koto-ku, Tokyo, Japan|
|Major Business Areas||Manufacturing, sales, and provision of services in the following four main business areas: Resources, Energy & Environment Business Area, Social Infrastructure Business Area, Industrial Systems & General Purpose Machinery Business Area, and the Aero Engine, Space & Defense Business Area|
|Date of Establishment||January 17, 1889|
|Number of Employees||28,486 (consolidated)|
Outline of Kansai Electric Power Co., Inc. (As of March 31, 2023)
|Company name||The Kansai Electric Power Company, Incorporated|
|Head Office||3-6-16 Nakanoshima, Kita-ku, Osaka, Japan|
|Major Business Areas||Electric power, heat supply, telecommunications, gas supply|
|Paid-in Capital||¥489.3 billion|
|Date of Establishment||May 1, 1951|
|Number of Employees||8,474 (31,628 in entire group)|
“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 “Secure sustainable supply of essential products” and “Enhance quality of life” and “Create an eco-friendly society”
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