LNG expansion and energy demand from AI (with Shery Ahn)

Mitsui's US gas business is performing above plan and represents over a quarter of net earnings. The company is looking to expand LNG and gas chemicals investments globally (US, Middle East, Australia, Africa) to meet rising demand from AI data centers. Hori calls for urgent reopening of the Strait of Hormuz.

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Mitsui & Co. 2.5
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Kenichi Hori 8.5

LNG expansion and energy demand from AI (with Shery Ahn)

wti

Hori states the long-term supply-demand situation will tighten, implying upward pressure on energy prices.

Kenichi Hori

We need safe passage of vessels resumed in the Strait of Hormuz. Middle Eastern countries will continue to be critical energy suppliers.

Cannot forecast when resumption will happen, but hope for recovery.
Asks about the performance of Mitsui's US gas business.

Shery Ahn
Kenichi Hori

US gas business is doing as planned, perhaps above plan. Mitsui has investments in shale gas, liquefaction facilities, gas chemicals (methanol, ammonia), and dedicated vessels for export.

It's a long supply chain starting from natural gas in North America.
Asks about expansion plans.

Shery Ahn
Kenichi Hori

Always looking for expansion opportunities in LNG and gas chemicals, including a clean ammonia project that sequesters carbon emissions.
Asks how big the US business is relative to Mitsui.

Shery Ahn
Kenichi Hori

US business represents more than a quarter of net earnings, and the plan is to expand it further.
Asks how the Iran war and geopolitical flashpoints have changed global energy dynamics.

Shery Ahn
Kenichi Hori

The world desperately needs fuel and more reliable, competitive production sites. The long-term supply-demand situation will tighten, meaning projects in the works need to be completed to meet rising demand.

Middle Eastern sources will remain critical to global supply.
Asks where Mitsui is diversifying.

Shery Ahn
Kenichi Hori

Diversifying into all parts of the world for LNG: Middle East, North America, Australia, and Africa.
Asks about bright spots for the business.

Shery Ahn
Kenichi Hori

Clear demand growth for energy from data centers and AI compute. Clean, affordable, sustainable energy is key. Mitsui is fortunate to be in projects with quality reserves.
Asks if more governments will keep energy within borders and what that means for Mitsui.

Shery Ahn
Kenichi Hori

Most governments are true to commitments to global markets. Players are also mindful of domestic demand. Mitsui balances both, e.g., developing gas for Australian domestic use and export.

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