For Immediate Release
To whom it may concern

March 29, 2024
Mitsui & Co., Ltd.

Final Investment Decision for the Development of Vietnam Block B Gas Field
Mitsui & Co., Ltd. (“Mitsui”, Head Office: Tokyo, President and CEO: Kenichi Hori), through its
wholly owned subsidiary Mitsui Oil Exploration Co., Ltd. (“MOECO”), has made a final investment
decision and concluded related contracts together with its business partners regarding an
integrated development project (“Block B Project”) encompassing an upstream gas field and apipeline linking it to a gas-fired thermal power plant complex, on March 28 (Vietnam time). The
business partners include the Vietnam Oil and Gas Group (“PVN”), a Vietnamese national oil andgas company, PetroVietnam Exploration Production Corporation Limited (“PVEP”), PetroVietnam
Gas Joint Stock Corporation (“PV Gas”), and PTT Exploration and Production Public Company
Limited (“PTTEP”), a Thai national oil and gas company.
The Block B Project will be the next-generation core business for MOECO. MOECO has been
participating in this highly competitive project from the exploration phase and the project isexpected to yield stable earnings in the long-term. Production capacity is estimated to be 490
million cubic feet per day, with production scheduled to begin by the end of 2026. In addition tothe development of the upstream gas field, the Block B Project will also include a midstream
development for gas transportation. MOECO subsidiaries’ share of development cost for theproject, which mainly consists of offshore installations and pipeline construction, will beapproximately USD 740 million (approximately JPY 110 billion)*1.
Mitsui has identified Global Energy Transition as one of its Key Strategic Initiatives in its Mediumterm Management Plan 2026. Mitsui considers that natural gas and LNG will play an importantrole during this transition and sees them as what we call real solutions. The Block B Project willcontribute to the sustainable transition to a decarbonized society through the development of gas
fuel supply for power generation. Mitsui will continue to contribute to the stable supply of energy,
the enhancement of quality of life, and sustainable social development through its promotion ofglobal natural gas and LNG business.
The impact of this decision on Mitsui’s profit for the year ending March 2024 is expected to beminor.

*¹ This cost only includes CAPEX until commencement of production. MOECO’s interest in the upstream business (approx. USD 560mil) is through joint investment companies with JOGMEC and the midstream business (approx. 180 mil) is through MOECO’s wholly
owned subsidiary.

Upstream gas field development business interest holders
NameVietnam Oil and Gas Group (“PVN”, operator)
PetroVietnam Exploration Production Corporation Limited(“PVEP”, a subsidiary of PVN)MOECO Vietnam Petroleum Co., Ltd. (“MVP”) / MOECO Southwest VietnamPetroleum Co., Ltd. (“MSVP”), (each a joint venture with JOGMEC*3)
PTTEP Southwest Vietnam Company Limited / PTTEP Kim Long Vietnam CompanyLimited (each a wholly owned subsidiary of PTTEP)

Ratio*2
42%
27%
23%
8％

Midstream business interest holders
Name
Ratio*2
PetroVietnam Gas Joint Stock Corporation (“PV Gas”, a subsidiary of PVN)
51%
PVN (operator)
29%
MOECO Southwest Vietnam Pipeline B.V. (“MSPL”) (a wholly owned subsidiary of15%
MOECO)PTTEP Southwest Vietnam Pipeline Company Limited (a wholly owned subsidiary of5%PTTEP)*2 Figures have been rounded to the nearest whole number*3 MVP: MOECO 58.74% / JOGMEC 41.26%, MSVP: MOECO 61.28% / JOGMEC 38.72%
For further information, please contact:
Mitsui & Co., Ltd.
Investor Relations Division Tel:
+81-3-3285-7657
Corporate Communications Division Tel:
+81-80-5912-0321
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 otherfactors 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 containedin Mitsui’s latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes noobligation to publicly update or revise any forward-looking statements. This announcement is published inorder 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.