Mitsubishi has acquired 39.4% of the shares in Encore Energy Pte. Limited (a company incorporated in the Republic of Singapore which directly holds approximately 50.7% of the issued shares of MedcoEnergi) for US $352 million, from Encore Int'l Limited.
In connection with Mitsubishi's indirect acquisition of MedcoEnergi shares, Mitsubishi has also signed a Strategic Alliance Agreement ("SAA") with MedcoEnergi, whereby both companies will look to expand and reinforce the business relationship with a view to enhancing their respective presence in the jurisdictions in which they operate in both the upstream oil and gas industry and drilling and rig businesses and downstream, power generation, chemical and bio-ethanol markets.
As one of the strategically important business segments for the company, Mitsubishi is engaged in E&P of oil and gas in West Africa, US Gulf of Mexico, North Africa, UK North Sea and Indonesia. Mitsubishi is committed to exploring and developing new opportunities to expand its E&P portfolio.
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