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Thu, Aug. 7, 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
Thu, Aug. 7, 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).
Thu, Jul. 24, 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.
Thu, Jul. 24, 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).
Nov. 19, 2013, 9:26 AM
- Japanese trading firms Mitsui (MITSF, MITSY) and Itochu (ITOCF, ITOCY) are considering a stake in Tullow Oil's (TUWLF, TUWOY) $4.9B TEN oil project off the coast of Ghana, WSJ reports.
- Tullow said last week that the process to sell down part of its 47% stake in TEN was progressing well and that bids were expected later this month; Tullow wants to sell a 17%-20% stake, which could fetch ~$600M.
- A successful sale would free up Tullow to focus on further projects in Africa, where it has several exploration campaigns under way.
- Tullow's other partners in the project include Kosmos Energy (KOS) and Anadarko Petroleum (APC).
Oct. 25, 2013, 9:59 AM
- Sempra Energy (SRE) and its partners are seeking as much as $5B in loans from commercial banks for their Cameron LNG project, Bloomberg reports.
- The planned $10B terminal in Louisiana is among four projects that have gained approval from the Department of Energy to export liquefied natural gas to countries with which the U.S. doesn’t have free-trade agreements.
- SRE holds 50.2% of the project while GDF Suez (GDFZY, GDSZF) and Mitsui (MITSY, MITSF) own 16.6% each and a venture between Mitsubishi and Nippon Yusen has 16.6%.
Oct. 2, 2013, 2:59 PM
- Brazil's National Petroleum Agency says all 11 companies registered for the Oct. 21 auction of the Libra offshore oil field have qualified to participate in the sale.
- Brazil had previously approved eight firms, but was still reviewing technical and legal documents for France's Total (TOT), Colombia's Ecopetrol (EC) and the Brazilian unit of Portugal's Galp Energia (GLPEF.PK, GLPEY.PK).
- Also approved to bid: Chinese oil companies Cnooc (CEO) and China National Petroleum (PTR); China's Sinopec (SNP) also registered via its joint venture with Spain's Repsol (REPYY.PK, REPYF.PK); Malaysia's Petronas; Japan trading firm Mitsui (MITSY.PK, MITSF.PK); India's ONGC; Royal Dutch Shell (RDS.A, RDS.B) and Brazil's own Petrobras (PBR, PBR.A).
- Officials estimate the 11 companies could form up to three potential bidding groups to compete in the auction.
- Several oil majors are not participating in bidding on Libra, whose development is expected to be pricey.
Sep. 19, 2013, 6:15 PM
- More on Brazil's planned auction of the Libra oil prospect: Only 11 companies registered to participate - far fewer than the expected 40 - and some of the biggest firms backed out, including Exxon (XOM), Chevron (CVX) and BP (earlier).
- Asian state-owned companies dominate the list of participants: India's ONGC, Malaysia's Petronas, Colombia's Ecopetrol (EC), China's Cnooc (CEO) and China National Petroleum (PTR); China's Sinopec (SNP) will take part through joint ventures with Brazilian units of Spain's Repsol (REPYY.PK, REPYF.PK) and Portugal's Galp Energia (GLPEF.PK).
- Also taking part: Shell (RDS.A, RDS.B), Total (TOT) and Mitsui (MITSY.PK, MITSF.PK).
- Analysts blame the lack of interest on new rules drawn up by Brazil's government that place development and profits under greater state control; too many companies don't want "the trouble of dealing with Petrobras (PBR) and the government. You can get good oil assets elsewhere without that."
- ETFs: EWZ, BRF, EWZS, BRAF, BRXX, UBR, BZQ, BRAZ, BRAQ, BRZS, BRZU.
May. 16, 2013, 6:10 PMSempra Energy (SRE) signs three 4M-ton/year, 20-year agreements with Japanese and French partners to support development, financing and construction of a liquefied natural gas export facility at the site of SRE's Cameron LNG receipt terminal in Louisiana. The plant will have an export capacity of 12M tons/year and is expected to cost up to $10B; construction will start next year. | Comment!
Feb. 7, 2013, 8:26 AMSolazyme (SZYM) +4% premarket after joining with Mitsui in a $20M multi-year agreement to develop a suite of triglyceride oils for use primarily in the oleochemical industry. The agreement includes further development of SZYM's high myristic algal oil and additional oils SZYM is developing for the oleochemical and industrial sectors. | Comment!
Jul. 17, 2012, 1:05 PMMitsui & Co. (MITSY +0.2%) and Korea Electric Power (KEP +1%) say they will collaborate to upgrade a fossil-fuel-burning power plant for Takoradi International in Ghana. The project includes adding a steam turbine, heat recovery steam generators and a seawater cooling system to the existing gas turbines, and will have a total contract value of around $260M. | Comment!
Jun. 26, 2012, 8:16 AMThe BP divestiture continues, as the company sells its minority interest in two U.K. North Sea oil and gas fields to Japan's Mitsui (MITSY.PK) for $280M; the fields produce ~7K boe/day. Including yesterday's sale of interests in Wyoming gas fields to Linn Energy, BP's total asset sales since 2010 reach $24B. | 2 Comments
May. 1, 2012, 3:47 AMAussie oil producer Woodside Petroleum (WOPEY.PK) plans to sell a stake in its giant Browse natural gas project to Mitsui and Mitsubishi for $2B. The two Japanese firms will also work with Woodside to market LNG to the Asian market and to help Woodside raise money to finance the project. (PR) | Comment!
Mar. 22, 2012, 8:59 AMAsian trading firms Mitsui (MITSY.PK), Marubeni (MARUY.PK) and Noble Group (NOBGY.PK) are vying to buy U.S. grain and energy trader Gavilon, which could fetch $5B, Reuters reports. While any deal would give the suitor a large presence in U.S. agricultural markets, Glencore's interest has waned after it agreed to buy Viterra. | Comment!
Feb. 17, 2012, 2:52 PM
Feb. 17, 2012, 1:54 PMMitsui (MITSY.PK) will pay $90M through its offshore unit MOEX in the first settlement over the Deepwater Horizon Gulf spill. Half the money - which includes $70M in civil penalties and $20M in habitat acquisition - heads directly to the gulf. Other defendants are still scheduled for trial, to begin Feb. 27. | 2 Comments
MITSY vs. ETF Alternatives
Mitsui & Co., Ltd. is engaged in the provision of services to facilitate trade and promote the development of commerce and industry around the world as an integrated trading company. Co.'s principal products include metal: iron ore, non-ferrous metals; machinery & information: machinery and the... More
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