Mitsui divests shares of United Petroleum Development Co., Ltd.

abarrelfullabarrelfull wrote on 22 Apr 2014 07:32

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Mar. 29, 2010

Mitsui & Co., Ltd. ("Mitsui") announced today that Mitsui has divested all it shares of United Petroleum Development Co., Ltd. (UPD) to Japan Energy Development Co., Ltd. (JED) and Cosmo Oil Co., Ltd. (Cosmo).

Upon a request of JED and Cosmo to purchase Mitsui's UPD shares in 2009, Mitsui decided on this divesture in consideration of its corporate strategy to optimize its business portfolio. Mitsui's subsidiary company Mitsui Oil Exploration Co., Ltd. continues to hold 10% of UPD's shares.

UPD is participating in exploration and production activities through Bunduq Co., Ltd in the El Bunduq Field, which is located on the offshore border of United Arab Emirates and Qatar.

Mitsui continues to view the Abu Dhabi and Qatar region as one of its core oil and gas exploration and production business regions. Mitsui will continue to invest in attractive opportunities and expanding its portfolio in the Middle East.

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