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    8058   JP3898400001

MITSUBISHI CORPORATION

(8058)
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Delayed Japan Exchange  -  01:00 2022-12-09 am EST
4505.00 JPY   +0.54%
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Mitsubishi to team up with Corpus Christi port authority on U.S. ammonia plant

09/28/2022 | 09:55am EST

TOKYO, Sept 28 (Reuters) - Japanese trading company Mitsubishi Corp said on Wednesday it had signed a memorandum of understanding (MoU) with the Port of Corpus Christi Authority of the United States to collaborate on large-scale production facility of fuel ammonia in Texas.

The move comes as part of Mitsubishi's efforts to create global supply chains of the clean fuel to help Japan's and other Asian countries' attempts to combat climate change, the company's senior vice president, Hiroki Haba, told the International Conference on Fuel Ammonia.

Ammonia is used for fertiliser and industrial materials, but is also seen as a future energy source, along with hydrogen. It does not emit carbon dioxide when burned, although it creates emissions if it is made with fossil fuel.

Other details of the MoU were not disclosed, but the two parties will look into building the production facility, with the aim for it to start operation in early 2030s and boost annual output capacity to 10 million tonnes by mid-2030s, a source at Mitsubishi, who declined to be named, said.

They would look into the possibility of making low-emission ammonia, produced from natural gas but eliminating emissions by capturing and storing the emitted carbon nearby, the source said.

Not far from the area, some companies pump carbon into oil reservoirs to boost pressure and increase production, a practice known as enhanced oil recovery, the source said.

Japan is aiming to expand its fuel ammonia demand to 3 million tonnes a year by 2030 and 30 million tonnes by 2050 from zero now, and create global supply chains of the fuel in a bid to slash carbon dioxide emissions and tackle climate change. (Reporting by Yuka Obayashi. Editing by Jane Merriman)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL -0.08% 76.38 Delayed Quote.-1.85%
MITSUBISHI CORPORATION 0.54% 4505 Delayed Quote.22.70%
S&P GSCI NATURAL GAS INDEX 1.12% 279.5861 Real-time Quote.45.92%
WTI -0.19% 71.898 Delayed Quote.-3.72%
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Financials
Sales 2023 19 719 B 144 B 144 B
Net income 2023 1 134 B 8 306 M 8 306 M
Net Debt 2023 6 358 B 46 552 M 46 552 M
P/E ratio 2023 5,74x
Yield 2023 3,55%
Capitalization 6 512 B 47 675 M 47 675 M
EV / Sales 2023 0,65x
EV / Sales 2024 0,60x
Nbr of Employees 77 164
Free-Float 95,0%
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Mean consensus BUY
Number of Analysts 11
Last Close Price 4 481,00 JPY
Average target price 5 382,73 JPY
Spread / Average Target 20,1%
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Managers and Directors
Katsuya Nakanishi President & Chief Executive Officer
Takehiko Kakiuchi Chairman
Yoshihiro Shimazu Manager-Administration
Akihiko Nishiyama Independent Outside Director
Akitaka Saiki Independent Outside Director
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