Mitsui & Co., Ltd. ADROTCPK - Current
Mon, Dec. 5, 7:54 AM
- Mitsui (OTCPK:MITSY) agrees to buy a 20% stake in four blocks in the U.S. offshore oil and gas fields in the Gulf of Mexico from Royal Dutch Shell (RDS.A, RDS.B) for an undisclosed sum.
- The recoverable resources of the Mississippi Canyon blocks are estimated to total more than 100M boe, worth ~$5.1B based on the current WTI crude futures price of ~$51/bbl.
- Mitsui's move follows other decisions earlier this year to co-develop the Greater Enfield oil reserves off Western Australia and help expand the BP-led Tangguh liquefied natural gas project in Indonesia.
Thu, Sep. 29, 4:49 PM
- Vale (NYSE:VALE) says it reached agreement on new terms with Mitsui (OTCPK:MITSY) for the sale of a stake in its Moatize coal mine and connected railway in Mozambique.
- Under the new terms, Mitsui will contribute up to $450M for 15% of Vale's 95% stake in the mine - with $255M guaranteed while $195M depends on attaining unspecified goals related to the mine's performance - and $348M for 50% of Vale's 70% stake in assets related to the Nacala Corridor, a railway and port connected to the mine; in the original deal announced in December 2014, Mitsui had agreed to an upfront payment of $450M.
- The deal had not closed because of problems in securing long-term financing for the project, which is one of Africa's biggest at $4.4B in estimated total costs; Vale already has poured ~$2B into it.
Wed, Aug. 24, 8:25 AM
- A Brazilian federal judge rules in favor of a 1.9B real ($593M) sale of a minority stake in a Petrobras (NYSE:PBR) subsidiary to Mitsui (OTCPK:MITSY).
- PBR last December completed the sale of a 49% stake in its Gaspetro natural gas distribution unit to Mitsui, but a judge blocked the sale under allegations that the deal did not meet certain transparency requirements.
- A different judge now is allowing the sale, saying the previous judge’s order was without merit.
Fri, May 13, 7:52 AM
- Petrobras (NYSE:PBR) says it has entered exclusive talks with Brookfield Asset Management (NYSE:BAM) about a potential sale of natural gas pipeline unit Nova Transportadora do Sudeste.
- Reuters had reported earlier that BAM offered 18B reais ($5.2B) to buy NTS, trumping rival bids from the likes of Spain's Gas Natural Fenosa (OTCPK:GASNY), France's Engie (OTCPK:ENGIY) and Japan's Mitsui (OTCPK:MITSY).
- A sale of NTS could give a boost to PBR, which is relying on asset sales and cost cuts to reduce a $130B debt burden.
- Now read Petrobras reports Q1 net loss of 1.25B reais
Thu, Mar. 31, 9:56 AM
- Vale (VALE +1.6%) says partner Mitsui (OTCPK:MITSY, OTCPK:MITSF) has no plans to revise terms of a coal venture project in Mozambique, as reported by a local newspaper.
- Vale says a recent decision to reduce the accounting value of assets in the project "does not directly impact Mitsui's investment decision" in the project, and that the companies are working to conclude long-term financing for the venture.
- Mitsui could reduce its planned investments in the projects and change the terms of a project finance contract, originally expected to reach $2.7B, according to the local report.
- Now read Mitsui forecasts first loss since 1947 amid $2B in writedowns
Wed, Mar. 23, 2:53 PM
- Japanese trading house Mitsui (OTCPK:MITSY, OTCPK:MITSF) is forecasting its first net loss since it was founded in its modern form in 1947 due to impairment charges on mining and energy projects.
- Mitsui, which previously forecast net income of 190B yen, now says it expects a net loss of 70B yen ($623M) in the fiscal year ending March after booking impairment charges of 225B ($2B) yen on assets including the Browse liquefied natural gas project in Australia and the Caserones copper development in Chile.
- The downturn in oil prices led to the decision yesterday to scrap plans to develop the $40B Browse LNG project, in which Mitsui owns a minority stake.
- More than two-thirds of Mitsui’s profit comes from its resource business, such as oil, iron ore, coal and gas trading; the company has said that for every dollar drop in the price of crude oil, its profit falls by ~2.7B yen.
Wed, Jan. 27, 8:59 AM
- A Brazilian court has blocked the 1.9B real ($469M) sale of a 40% stake in a Petrobras (NYSE:PBR) natural gas unit to Mitsui (OTCPK:MITSY), complicating PBR's efforts to rebuild its financial footing by cutting debt through asset sales.
- The judge ruled earlier this week that the sale of PBR's 49% stake in natural gas distribution unit Gaspetro should be halted because the deal did not meet certain transparency requirements, and because of worries that PBR may be repeating some of the actions that led to a massive corruption scandal.
- PBR has released little information about the assets it is selling; Gaspetro, whose sale was announced last October and completed in December, was the only major deal done so far and raised less than 4% of the company ~$15B asset sale goal.
Oct. 26, 2015, 8:58 AM
- A final report approved by a Brazilian congressional panel clears Petrobras (NYSE:PBR) of wrongdoing in its corruption investigation, and blames suppliers and rogue employees rather than politicians or the company.
- The report does not criticize any politicians, including those closely associated with PBR, such as Pres. Rousseff, who was chairwoman of the company's board when much of the corruption happened.
- The panel recommends an investigation into 10 foreign companies for possibly paying bribes, including Japan's Kawasaki Heavy Industries (OTCPK:KWHIY), the Brazilian unit of Singaporean oil rig builder Keppel (OTCPK:KPELF), and its Singapore-based rival Sembcorp Marine (OTCPK:SMBMF).
- Separately, Petrobras (PBR) says its board has approved the sale of a 49% stake in its Gaspetro natural gas distribution unit to Mitsui (OTCPK:MITSY) for 1.9B reais ($490M), in another step toward disposing of non-essential assets to repay debt.
- PBR also says it is suspending indefinitely its planned IPO of fuel distribution unit BR Distribuidora.
Sep. 22, 2015, 10:29 AM
- Petrobras (PBR -5.7%) says it is in the final stages of selling a 49% stake in a natural gas distribution holding company to Mitsui (OTCPK:MITSY), as it seeks to raise cash by selling assets; financial terms are not known.
- PBR has more than 4,350 miles of gas pipelines in Brazil that supply residential and industrial users.
- The sale still needs final approval from the company's board of directors and Brazilian regulators.
Feb. 25, 2015, 7:56 AM
- Sempra Energy’s (NYSE:SRE) Cameron LNG says it has filed for approval with the FERC to expand its three-train liquefaction export project in Hackberry, La., to five trains.
- The expansion, which also includes an additional liquefied natural gas storage tank, would increasing production capacity by 9.97M metric tons/year to 24.92M.
- FERC permits pave the away for the Department of Energy to consider if the project can ship LNG to countries with which the U.S. does not have a free trade agreement.
- France’s GDF Suez (OTCPK:GDFZY) and Japan’s Mitsui (OTCPK:MITSY) are SRE's partners in the venture.
Dec. 10, 2014, 9:21 AM
- DuPont (NYSE:DD) and Denki Kagaku Kogyo have signed a definitive agreement to sell DuPont Neoprene polychloroprene to Denka Performance Elastomer, a new joint venture company owned 70% by Denki and 30% by Mitsui (OTCPK:MITSY).
- Neoprene, a synthetic rubber used for many chemical and weather-resistant products such as wet suits and orthopedic braces, was invented by Dupont 83 years ago.
- Dupont's sale comes after a considerable amount of activist investor to break itself up.
Dec. 9, 2014, 7:39 AM
- Mitsui (OTCPK:MITSY) agrees to pay $763M for stakes in a Mozambique coal project owned by Vale (NYSE:VALE), signaling confidence from Japan’s second-largest trading house in a recovery in coking coal prices.
- Mitsui will pay $450M for a 15% stake in the Moatize mine, one of the world's biggest deposits of coal used for steelmaking, and $313M for half of Vale’s 70% stake in the associated Nacala Logistic Corridor rail and port infrastructure.
- "The partial sale of the troubled Moatize mine and logistics project appears to be at a very attractive price for Vale. The proposed sale would likely make the company net free cash flow break-even for the year," BMO Capital says.
Aug. 7, 2014, 7:09 AM
- Mexican lawmakers have opened the country's energy industry to private investors, which has been locked under state monopoly since 1938.
- The historic opening will have far-reaching benefits for the sector and Mexico's economy, allowing foreign and domestic energy companies to explore, produce and refine oil for the first time since Mexico nationalized its oil industry 76 years ago.
- Under the new framework, domestic private oil and gas firms will operate under contract with Mexico, competing with state-owned Pemex.
- Mitsui & Co. (OTCPK:MITSY) and Chevron (NYSE:CVX) have already expressed interest for investment. The country is believed to have the world's sixth-largest reserves of shale gas.
- ETFs: EWW, UMX, SMK, DBMX
Aug. 7, 2014, 2:02 AM
- Japanese partners in the Cameron LNG terminal say the project has secured its last investment approval by obtaining $7.4B in financing.
- The move brings Japan a step closer to importing significant amounts of LNG from the U.S.'s abundant supply of shale gas.
- The Cameron project is owned by Sempra Energy (NYSE:SRE), GDF Suez (OTCPK:GDFZY), Mitsui & Co. (OTCPK:MITSY), and a joint venture between Mitsubishi Corp. (OTCPK:MSBHY) and Nippon Yusen KK (OTCPK:NPNYY).
Jul. 24, 2014, 12:43 PM
- Japan’s three biggest lenders are among ~30 banks set to sign a $7.5B loan early next month for the Louisiana-based Cameron liquefied natural gas project, Bloomberg reports.
- The $10B Cameron project is expected to produce 12M tons/year of LNG starting in 2018, and could provide Japan with an alternative fuel source after the nuclear industry shutdown following the 2011 Fukushima disaster forced it to boost energy imports.
- The project is owned by Sempra Energy (NYSE:SRE), GDF Suez (OTCPK:GDFZY, OTCPK:GDSZF), Mitsui (OTCPK:MITSY) and others.
Jul. 24, 2014, 6:42 AM
- Thirty banks are ready to sign a $7.5B loan next month for the U.S. Cameron LNG project that could offer Japan an alternative fuel source.
- Japan has been running record trade deficits after the nuclear industry shutdown forced it to boost energy imports following the 2011 Fukushima disaster.
- The $10B Cameron project is owned by Sempra Energy (NYSE:SRE), GDF Suez (OTCPK:GDFZY), Mitsui & Co. (OTCPK:MITSY), and a joint venture between Mitsubishi Corp. (OTCPK:MSBHY) and Nippon Yusen KK (OTCPK:NPNYY).