Mitsubishi Corporation Acquires Full Ownership of CIMA ENERGY, LTD.
TOKYO, Jan 20, 2016 - (JCN Newswire) - Mitsubishi Corporation (MC) hereby announces that it has acquired all remaining partnership interest in its affiliated company, CIMA ENERGY, LTD. (CIMA), a Houston based oil and gas marketer, through its wholly owned subsidiary MC Global Gas Corporation. MC has been owning a 34% ownership stake in CIMA since 2008 when it acquired a partial partnership interest from CIMA ENERGY HOLDINGS(1).
CIMA is active on all major pipelines and markets across the U.S. and Canada, providing reliable and competitively priced services to hundreds of natural gas wholesale and end-user customers. CIMA has a customer base of more than 1,500 across North America and a trade volume of about 1 bcf/day. In addition to its existing business, CIMA will play a key role in assisting feed gas procurement as well as the transportation and delivery of natural gas to MC's LNG projects, a move which is expected to strengthen MC's LNG value chain.
MC has been expanding its natural gas business in North America over the past several years, including its participation in the Cameron LNG project in Louisiana, USA, and the development of natural gas resources and LNG project in Canada. The LNG produced will be marketed to customers around the world including Japan and Europe as well as emerging markets in Asia through Diamond Gas International Pte. Ltd., MC's wholly owned subsidiary for global LNG marketing, based in Singapore.
Japan is the world's largest LNG consumer, with its main sources being Australia, Southeast Asia and the Middle East. Additional sourcing of LNG from North America will enable the diversification of energy supply sources and pricing mechanisms, and enhance the ability of Japan and other LNG importing countries to secure a stable supply of energy.
(1) CIMA ENERGY HOLDINGS, LLC is a holding company of CIMA, with a 66% partnership interest in CIMA held by individual partners prior to acquisition by MC.
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
Source: Mitsubishi Corporation
Telephone: +81 3 3210 2171
Facsimile: +81 3 5252 7705
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Source: ACN Newswire
(January 19, 2016 - 10:14 PM EST)
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