Mitsui Divests All Shares in United Petroleum Development

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.



Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager - Pipelines
Expertise: Pipeline Engineering|Project Management
Location: Houston, TX
Sr. Contracts Negotiator
Expertise: Contracts Administration|Contracts Engineer|Legal
Location: Houston
Regional Director Sales
Expertise: Business Development|Sales
Location: Santa Fe Springs, CA
search for more jobs

Brent Crude Oil : $48.6/BBL 1.12%
Light Crude Oil : $46.34/BBL 1.24%
Natural Gas : $2.9/MMBtu 2.35%
Updated in last 24 hours