Deal: According to Mitsubishi's website, the company has a subsidiary in Iran which provides a variety of products and services, including petroleum products, crude oil, liquefied petroleum gas, liquefied natural gas, and power and electrical systems (Mitsubishi Website, accessed June 29, 2010).
The company's website notes that its Energy Business & Chemical Groups purchase crude oil and other products from Iran, while its "Machinery Group is engaged in promoting sales of plant machinery and oil tanks" (Mitsubishi Website, accessed June 29, 2010).
On June 22, 2012, Reuters reported that Mitsubishi had renewed its annual deal to purchase Iranian oil, but with a reduced volume that conforms to the U.S. sanctions regime against Iran (Reuters, June 22, 2012).
Date: November 2000 - Unknown
Deal: According to Chemical Week, NPC contracted Mitsubishi Heavy Industries, Mitsubishi Chemical, and Tomen in November 2000 to build its second purified terephthalic acid (PTA) plant at Bandar Imam. NPC planned for the plant to have a production capacity of 350,000 million tons per year (Chemical Week, November 8, 2000). According to ICIS, the PTA project was postponed in late 2005 until February 2006 (ICIS, December 13, 2005). The current status of this project is unknown.
Date: February 2004 – Ongoing
Deal: According to Bloomberg, Mitsubishi and two other Japanese companies, Mitsui and Marubeni, signed initial agreements in February 2004 with Iran's Petrochemical Commercial Company (PCC). In the agreements, the Japanese firms agreed to buy petrochemicals from Iran. According to PCC's spokesman, the initial agreements, "will lead to shipments of at least 4 million metric tons over five years starting in 2005." However, Mitsubishi's spokesman claimed he was unaware of the agreement (Bloomberg, March 4, 2004).
An industry news publication reported that in June 2010, PCC sold a 23,000-tonne cargo of ammonia below market price to Mitsubishi (ICIS News, June 2, 2010).
Date: December 2005
Deal: According to the Tehran Times, in December 2005 PCC received a four-year loan of $300 million from several banks, including Tokyo-Mitsubishi Bank, "to develop its production and export activities" (Tehran Times, December 21, 2005).
The Mitsubishi Group company Mitsubishi UFJ Financial Group, Inc. is the single largest shareholder of the Tokyo-Mitsubishi Bank (Mitsubishi Website, accessed June 29, 2010).
Ties to U.S. Business: According to its website, Mitsubishi has a wholly-owned American subsidiary, Mitsubishi International Corporation (MIC), which is involved in a wide range of commercial sectors, including petroleum, petrochemicals, transportation, construction, aerospace, as well as food and metal products (Mitsubishi Website, accessed June 29, 2010).
According to USASpending.gov, between 2000 and 2011, Mitsubishi Corporation received $300,609,452 in U.S. government contracts, a large number of which came from the U.S. Department of the Treasury (USASpending.gov, accessed June 29, 2014).
Last Updated: July 11, 2014