Mitsui & Co., Ltd.  announced that it has entered into an agreement with Mitsui Chemicals, Inc. ("MCI"), Sumitomo Mitsui Banking Corporation ("SMBC"), Mizuho Corporate Bank, Ltd. ("Mizuho") and The Bank of Tokyo-Mitsubishi UFJ, Ltd. ("BTMU") to purchase 12.85% shares of the total issued shares of Mitsui Oil Exploration Co., Ltd. ("MOECO") for approximately 32 billion yen (approximately 356 million USD). With this acquisition, Mitsui's voting interest in MOECO will increase from 54.61% to 67.46%.

Currently, MOECO is actively engaged in several oil and natural gas exploration, development and production projects in Thailand and its neighboring Southeast Asian countries as well as the Middle East, etc., and is one of the core subsidiaries of Mitsui's energy upstream business. Mitsui's acquisition of shares in MOECO from MCI, SMBC, Mizuho and BTMU is in line with its strategy to increase its consolidated competitiveness through closer relationship with MOECO.

Mitsui has positioned its mineral resources and energy business as a significant strategic business area and continues to acquire attractive oil and natural gas assets in order to establish a more robust and well-balanced business portfolio.

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