Mitsui Increases Stake in MOECO to 51.03%
Mitsui & Co. has signed an agreement with Sanki Engineering Co. to purchase 0.68% of the total issued shares of Mitsui Oil Exploration Co., Ltd. ("MOECO"). With this purchase, Mitsui's voting interest in MOECO will increase from 50.34% to 51.03%.
Mitsui has positioned MOECO as one of the core subsidiaries of its energy upstream business. Mitsui's acquisition of the MOECO shares from Sanki is in line with its strategy to increase its competitiveness through MOECO under the current fierce global competition for oil and gas upstream assets.
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