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MarketScreener Homepage  >  Equities  >  Japan Exchange  >  Mitsubishi Corporation    8058   JP3898400001

MITSUBISHI CORPORATION

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Mitsubishi : Commercial Operations Commence at Methanol / Dimethyl Ether Plant in Trinidad and Tobago

01/21/2021 | 06:20am EDT

Mitsubishi Gas Chemical Company (MGC), Mitsubishi Corporation (MC) and Mitsubishi Heavy Industries Engineering (MHIENG) have teamed up with the National Gas Company of Trinidad and Tobago (NGC) and Massy Holdings (Massy), a joint venture in the Republic of Trinidad and Tobago, Caribbean Gas Chemical Limited (CGCL), to launch commercial operations of a methanol and dimethyl ether (DME) plant.

CGCL was established in March 2013, and it completed construction. Fueled primarily by natural gas sourced from Trinidad and Tobago, the plant has an annual production capacity of one million tons of methanol and 20,000 tons of DME. It began operating commercially in December 18, 2020.

Methanol is a basic chemical that is used as a raw material in the production of many downstream products. Its applications include adhesives, agricultural chemicals, paints, plastics and synthetic textiles. In recent years, it has been garnering more attention as an alternative to heavy fuel oil in the shipping industry and as an otherwise environmentally-friendly source of energy. Furthermore, because it can be produced from CO2 and as a promising hydrogen carrier, it could play a part in realizing sustainable, low-carbon societies. DME is also raising interest as a clean, next-generation energy source. In addition to its use in aerosol products and other daily goods, it can serve as an alternative to liquefied petroleum gas and diesel fuel for automobiles and power generation.

Currently, the global demand for methanol is approximately 81 million tons per year, and that is expected to increase steadily in step with GDP growth. Through this business, MGC, MC and MHIENG are aiming to help meet that demand and provide a boost to economic growth in the Caribbean.

Disclaimer

Mitsubishi Corporation published this content on 19 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 January 2021 11:19:01 UTC


© Publicnow 2021
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Financials
Sales 2021 12 442 B 114 B 114 B
Net income 2021 231 B 2 123 M 2 123 M
Net Debt 2021 4 824 B 44 260 M 44 260 M
P/E ratio 2021 19,4x
Yield 2021 4,42%
Capitalization 4 474 B 41 054 M 41 045 M
EV / Sales 2021 0,75x
EV / Sales 2022 0,66x
Nbr of Employees 77 164
Free-Float 95,0%
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 3 286,00 JPY
Last Close Price 3 031,00 JPY
Spread / Highest target 25,7%
Spread / Average Target 8,41%
Spread / Lowest Target -10,9%
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Managers and Directors
NameTitle
Takehiko Kakiuchi President & Representative Director
Kazuyuki Masu CFO, Representative Director & Head-Corporate
Ken Kobayashi Chairman
Yoshihiro Shimazu Manager-Administration
Akihiko Nishiyama Independent Outside Director
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