REG-Mitsui & Co Ltd Mitsui to Participate in Ibri, Sohar-3 Power Projects in Oman <Origin Href="QuoteRef">8031.T</Origin>

Mitsui & CoAnnouncement

05/01/2016 13:32

Mitsui to Participate in Ibri, Sohar-3 Power       Projects in Oman
      This announcement is for our U.S.$5,000,000,000 Euro Medium Term Note       Programme.    
      January 4, 2016    
      For Immediate Release    
      To Whom It May Concern    
      Mitsui & Co., Ltd.    
Mitsui to Participate in Ibri, Sohar-3 Power       Projects in Oman
      Mitsui & Co., Ltd. (Mitsui, Head Office: Tokyo, President and CEO:       Tatsuo Yasunaga), together with the Saudi Arabian power company ACWA       Power (ACWA) and Dhofar International Development and Investment       Holding Co. SAOG (DIDIC) of Oman, as a consortium (Consortium),       submitted a bid on August 30, 2015 for the contract for the Ibri,       Sohar-3 power generation projects in response to a call for bids by Oman       Power and Water Procurement Company SAOC (OPWP). Subsequent to this,       the Consortium has now received a letter of award from OPWP to develop       the Ibri, Sohar-3 power generation projects.    
      Demand for electric power in Oman is increasing rapidly because of the       economic growth driven by the oil and gas sector. Mitsui, as the lead       investor with a 50.1% shareholding and the managing member of the       Consortium, will help to meet that demand by newly constructing two       natural gas-fired combined cycle power plants with a total capacity of       3,150MW. The sites will be in Ibri (1,450MW), and Sohar (1,700MW), which       are both located in northern Oman. Mitsui will operate both plants and       sell electric power under a 15-year power purchase agreement with OPWP.       The power plants will be supplying approximately 30% of the electricity       that will be consumed in the Muscat area once the commercial operation       is achieved.    
      Mitsui has a notable track record in the upstream oil and gas sector in       Oman through its participation in onshore oil and gas production and       development projects, as well as the Oman LNG project. The Ibri, Sohar-3       power generation projects mark Mitsuis further involvement in       developing one of the largest power plants in the Middle East region,       together with key downstream infrastructure in Oman, after being awarded       the Salalah-2 power project in March 2015, and the Liwa Plastic       Industries Complex project in December 2015. Mitsui will use its       extensive business operation management know-how gained through its       considerable experience in the operation of overseas power generation       projects and its track record in Oman to contribute to the successful       development and operation of the projects. These power generation       projects represent one of the primary focuses of Mitsuis infrastructure       business, and Mitsui will continue to strive to win contracts for       quality projects in this area.    
< Project Overview >
          Investors        
          Mitsui (50.1%), ACWA (44.9%), DIDIC (5%)        
          Description        
          Construction, maintenance and operation of power plants (BOO system)        
          Plant capacity        
          3,150MW (Ibri: 1,450MW, Sohar: 1,700MW)        
          Buyer of electric power        
          OPWP        
          Total project costs        
          Approx. USD 2.3 billion (approx. 276 billion)        
          Schedule        
          Feb. 2016: Signing of project agreements, including electric power           sales contract          
            Jan. 2019: Sohar-3 power plant operational          
            Apr. 2019: Ibri power plant operational          
          Construction site        
          Ibri Industrial Area, Sohar Industrial Area (both in the northern           Oman)        
< ACWA >
          Company name        
          International Company for Water and Power Projects          
            (ACWA Power International)          
          Headquarter location        
          Riyadh, Saudi Arabia        
          Representative        
          Mohammad Abdullah Abunayyan (Chairman)        
          Main business        
          Power, Water        
          Establishment        
          2004        
< DIDIC >
          Company name        
          Dhofar International Development & Investment          
            Holding Company S.A.O.G (DIDIC)          
          Headquarter location        
          Salalah, Oman        
          Representative        
          Sheikh Khalid bin Mustahail Ahmed Al MashaniChairman        
          Main business        
          Bank, Insurance, Port operation, Basic industry        
          Establishment        
          1987        
< Location Map >
For further information, please contact:
      Mitsui & Co., Ltd.    
      Investor Relations Division Tel: +81-3-3285-7910    
      Corporate Communications Division Tel: +81-3-3285-7596    
      Notice:    
      This announcement contains forward-looking statements. These       forward-looking statements are based on Mitsui's current assumptions,       expectations and beliefs in light of the information currently possessed       by it and involve known and unknown risks, uncertainties and other       factors. Such risks, uncertainties and other factors may cause Mitsui's       actual results, financial position or cash flows to be materially       different from any future results, financial position or cash flows       expressed or implied by these forward-looking statements. These risks,       uncertainties and other factors referred to above include, but are not       limited to, those contained in Mitsui's latest Annual Securities Report       and Quarterly Securities Report, and Mitsui undertakes no obligation to       publicly update or revise any forward-looking statements. This       announcement is published in order to publicly announce specific facts       stated above, and does not constitute a solicitation of investments or       any similar act inside or outside of Japan, regarding the shares, bonds       or other securities issued by us.    
      For diagrams omitted, please see our home page.    
      (http://www.mitsui.com/jp/en/release/2016/1216442_8910.html)    
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      Mitsui & Co Ltd