Key facts
- Over 20 companies, including Mitsui & Co. and Tokyo Gas, formed an electricity trading association.
- The association will advise the government on a new market for long-term electricity supplies.
- Mitsui & Co. is also seeking LNG investments to meet rising power demand from data centers.
Japanese power companies and trading houses, including Mitsui & Co. and Tokyo Gas, have formed an association with over 20 businesses to advise the government on its plan to establish a market for long-term electricity supplies. The group convened on Friday.
Mitsui & Co., one of Japan's largest diversified trading and investment groups, is actively seeking liquefied natural gas (LNG) investments in regions such as the Middle East, the United States, and Australia. This strategy is driven by the increasing power demand from data centers globally, according to Mitsui CEO Kenichi Hori. Hori noted that companies powering artificial intelligence infrastructure are creating significant additional demand for LNG.
Mitsui is exploring opportunities for equity stakes or offtake agreements in LNG projects. The company already has an interest in the Abu Dhabi National Oil's Ruwais LNG export facility and is considering further investments in the Middle East. Diversification is also a key aspect of Mitsui's strategy, with participation in Australia's North West Shelf project and a long-term supply deal with Venture Global.
Founded in 1947 with roots tracing back to 1876, Mitsui operates across various sectors including energy, metals, machinery, infrastructure, chemicals, and lifestyle businesses. The company reported revenue of over ¥14 trillion in fiscal year 2024.