Nov. 28. 2006
Marubeni Corporation (President: Nobuo Katsumata; Head office: Chiyoda-ku, Tokyo) and three other Japanese companies, Idemitsu Kosan Co., Ltd. (President: Akihiko Tembo; Head office: Chiyoda-ku, Tokyo), Cosmo Oil Co., Ltd. (President? Yaichi Kimura; Head office: Minato-ku, Tokyo), and?Mitsui & Co., Ltd (President: Shoei Utsuda; Head office: Chiyoda-ku, Tokyo), have reached agreement with Qatar Petroleum (hereinafter called “QP”) on an equity participation of 29% in Laffan Refinery Co., Ltd., and signed related agreements on November 27, 2006. Our equity participation is 4.5%.
Laffan Refinery Co. Ltd. is constructing a condensate refinery with a refining capacity of 146,000 barrels per day in Ras Laffan Industrial City, aiming at the completion of construction in the second half of 2008. The total cost of the whole project would be anticipated approximately 800 US million dollars.
The Refinery plans to produce Naphtha, Kero/Jet, Gas oil and LPG by refining condensate produced at Qatar North Field, which is the largest single natural gas field in the world.
We have been establishing reliable relationship with QP through various businesses, including the developments of natural resources such as LNG project. Through this new investment, we look forward to expanding our oil refinery business and further reinforcing our relationships with QP and the State of Qatar
[Outline of Laffan Refinery Co., Ltd.]
Incorporation: September 2006
Location: Doha, the State of Qatar
Shareholders (percent of shares):
Qatar Petroleum (51%), Exxon Mobil Corporation (10%), Total S.A. (10%), Idemitsu?Kosan Co.,Ltd. (10%), Cosmo Oil Co. Ltd. (10%), Marubeni Corporation (4.5%), Mitsui & Co., Ltd. (4.5%)