Mitsui has decided to divest all of its interests owned through MOEX North America LLC ("MOEX NA"), a wholly owned subsidiary of Mitsui, which currently holds 20% of the interest in the Kaikias field in the US Gulf of Mexico, to Shell Offshore, operator of the Kaikias field, and has signed an asset purchase and sale agreement. Mitsui has also decided that MOEX NA shall be dissolved and liquidated accordingly and will no longer be a designated consolidated subsidiary of Mitsui.

MOEX NA acquired 20% of the interest in the Kaikias field in December 2016 and has been continuing production activities together with Shell since May 2018. This divestment is to be carried out as part of Mitsui's strategy to reconfigure its business portfolio.

Mitsui is proactively improving its business portfolio to achieve both stable energy supply and climate change response. 

Mitsui will record a profit through the Transaction, which has been reflected in Mitsui's forecast for the fiscal year ending March 2024 announced on October 31, 2023. It is planned that MOEX NA will be dissolved and liquidated after completing the required procedures in compliance with local laws following the completion of the Transaction.

KeyFacts Energy: Acquisitions & Mergers news