Release: Mitsui to acquire additional interest in Tangguh LNG Project
Monday, October 1 2007 - 08:35 AM WIB
(01 October 2007)--Mitsui & Co., Ltd. ("Mitsui") announced today that it has decided to acquire additional shares in two companies owned by Kanematsu Corporation, KG Berau Petroleum Ltd. ("KGB") and KG Wiriagar Petroleum Ltd. ("KGW"), together with INPEX Holdings Inc., Mitsubishi Corporation and Nippon Oil Corporation.
1. Reason for Share Acquisition
KGB and KGW have a total 10% interest in the Tangguh LNG Project currently under development in the
Overseas Petroleum Corporation ("OPC"), a subsidiary of Mitsui in which Mitsui holds a 96.6% stake, already has a 1.0% indirect interest in the Tangguh LNG Project via both of these companies. With the acquisition of additional shares, OPC's indirect interest in the Project will increase by 1.3% to 2.3%. Mitsui aims to further expand its LNG business.
2. Share Acquisition Details
OPC will acquire 6,997 shares in KGB (9.9% of issued shares) and 10,200 shares in KGW (32.1% of issued shares) for 5 billion yen, excluding development costs already incurred.
3. Schedule
October 1, 2007: Signing of share transfer agreement
October 22, 2007: Scheduled date for share transfer. (end of release)