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  • Mitsui & Co. : Announcement on Arctic LNG 2 Project in Russia
    édité le 03/11/2023 - Plus de news de "Mitsui" - Voir la fiche entreprise de "Mitsui"

Mitsui  & Co. : Announcement on Arctic LNG 2 Project in Russia
Mitsui & Co., Ltd. (Mitsui), through Japan Arctic LNG B.V. (“J-Arc”), a Dutch corporation 75% owned by Japan Organization for Metals and Energy Security (“JOGMEC”) and 25% owned by Mitsui, invests in Arctic LNG 2 LLC (Arctic 2), the operating company for the Arctic LNG 2 project in Russia.

On November 2 (US time), the Office of Foreign Assets Control of the US Department of the Treasury announced that Arctic 2 has been additionally designated as Specially Designated Nationals. While we will closely examine the impact of Arctic 2 being sanctioned, we will take appropriate measures observing the rights and obligations of J-Arc and Mitsui, under various agreements including the shareholders agreement. We will comply with laws and regulations, including sanctions taken by the international community, and will take appropriate measures in cooperation with stakeholders including the Japanese government.

As of now, there is no change to the full-year forecast for the fiscal year ending March 2024, or to our shareholder returns policy, that we announced in the first half financial results for the fiscal year ending March 2024, on October 31, 2023.

Our exposure to the Russian LNG business as of September 30, 2023 is as follows.

The balance of investments and loans related to the Arctic LNG 2 project is 17.2 billion yen, and the balance of guarantees is 251.7 billion yen. In addition, a provision of 19.9 billion yen has been recorded for the guarantees, therefore the net balance of investments and loans, and guarantees after deducting the provision is 249.0 billion yen. This exposure is calculated based on a 100% figure for guarantees for specific J-Arc liabilities, which exceeds our equity share and is calculated before deducting insurance claims.

About Mitsui

Mitsui & Co., Ltd. is a global trading and investment company with a diversified business portfolio that spans approximately 63 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania. Mitsui has built a strong and diverse core business portfolio covering the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries. Leveraging its strengths, Mitsui has further diversified beyond its core profit pillars to create multifaceted value in new areas, including innovative Energy Solutions, Healthcare & Nutrition and through a strategic focus on high-growth Asian markets. This strategy aims to derive growth opportunities by harnessing some of the world's main mega-trends: sustainability, health & wellness, digitalization, and the growing power of the consumer.

Origine : Communiqué Mitsui

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