MITSY - Mitsui to move forward with plans to add Russian gas imports

Japan's Mitsui (OTCPK:MITSY) said Monday its full-year net profit nearly tripled from a year earlier to an all-time high ¥914.7B (~$7B) on soaring energy and commodity prices, and said it will maintain its involvement in the Sakhalin-2 LNG and Arctic LNG-2 liquefied natural gas projects in Russia. "Considering the future demand for LNG in our nation and the world, we have to move ahead with this project. Otherwise the world's energy balance will collapse, or there will be shortages," President Kenichi Hori said. Mitsui and Mitsubishi own a combined 22.5% of the Sakhalin project, and a majority of the gas produced there supplies Japan; Mitsui said it will also proceed as scheduled to develop the Arctic LNG 2 project. The strong results, which beat expectations, come even as the company booked a ¥20.9B loss linked to LNG projects in Russia in Q4. After reassessing fair value of the two projects

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Mitsui to move forward with plans to add Russian gas imports