CEO on LNG Expansion and AI-Driven Energy Demand (with Shery Ahn)

Mitsui is expanding its LNG and gas chemicals business globally, with the U.S. business already representing over a quarter of net earnings. The CEO calls for the safe passage of vessels through the Strait of Hormuz to resume. The world needs more reliable and competitive production sites to meet rising energy demand, particularly from AI data centers. Mitsui is working on a clean ammonia project in the U.S. that sequesters carbon emissions.

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Kenichi Hori 9.0

CEO on LNG Expansion and AI-Driven Energy Demand (with Shery Ahn)

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The CEO states the long-term supply/demand situation will tighten, requiring new projects to meet rising demand. This implies upward pressure on oil prices over the long term.

Asks about the need for safe passage of vessels through the Strait of Hormuz and what would give confidence.

Shery Ahn
Kenichi Hori

Safe passage of vessels and geopolitical stability are needed. Middle Eastern countries will continue to be critical suppliers of energy products to global markets.

Cannot forecast when passage will resume, but hopes for early recovery.
Asks about the performance of Mitsui's U.S. gas business and plans for expansion.

Shery Ahn
Kenichi Hori

The U.S. business is doing as planned, a little above plan. Mitsui has investments in shale gas, liquefaction facilities, chemical plants converting gas to methanol and ammonia, and dedicated vessels for export. It's a long supply chain starting from North American natural gas.
Asks about expansion plans and sectors.

Shery Ahn
Kenichi Hori

Always looking for expansion opportunities in LNG and gas chemicals. Mitsui is working on a clean ammonia project in the U.S. that sequesters carbon emissions.
Asks how big the U.S. business is compared to the rest of Mitsui and the expansion plan.

Shery Ahn
Kenichi Hori

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

Shery Ahn
Kenichi Hori

The world desperately needs fuel and more reliable, competitive production sites. Middle Eastern sources will remain critical. The long-term supply/demand situation will tighten, requiring various projects to be completed to meet rising demand.
Asks where Mitsui is diversifying geographically.

Shery Ahn
Kenichi Hori

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

Shery Ahn
Kenichi Hori

Clear demand for growth from data centers and the necessary energy for compute. Clean, affordable, sustainable energy is key. Mitsui is fortunate to be part of good projects with quality reserves.
Asks if more governments will try to keep energy security within their borders, given AI-driven demand, and what that means for Mitsui.

Shery Ahn
Kenichi Hori

Most governments are true to their commitments to global markets for export permits. Players are also mindful of domestic demand. Mitsui likes a balanced approach, developing gas for both Australian domestic use and LNG export.

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