Subscribe to FDD

Mitsui & Company

Japan

 

 

 

Japan's Mitsui & Co., Ltd. operates in a variety of Iranian business sectors through several subsidiaries and associated companies. According to Mitsui & Co.'s website, it has an office in Tehran handling its Iranian operations (Mitsui & Co. Website, accessed June 30, 2010).

According to Reuters, as of 2010, Mitsui was importing about 15,000 barrels per day of crude oil from Iran (Reuters, March 30, 2010).

Date: February 2004 – Unclear

Deal: According to Bloomberg, in February 2004 Mitsui & Co., Mitsubishi, and Marubeni signed Memorandums of Understanding with Iran's Petrochemical Commercial Company (PCC) to buy petrochemicals from Iran. However, Mitsui's communications manager claimed that Mitsui was "in no hurry to sign any deals with Iran" and that "The country still has many issues that need to be resolved" (Bloomberg, March 4, 2004).

Date: July 2004 – Unclear

Deal: According to a company press release, in July 2004 Mitsui Chemicals, Mitsui Engineering and Shipbuilding Company, and Mitsui & Co. signed a ¥25 billion contract with Iran's National Petrochemical Company's (NPC) to build a high-density polyethylene (HDPE) manufacturing plant in Ilam, in western Iran. Construction was set to begin in April 2005, and be completed by December 2007 (Mitsui Chemicals Press Release, July 13, 2004). The U.S. Government Accountability Office reported that Mitsui signed a binding contract for this project in November 2005, and it was expected to be completed in 2010 (http://www.dtic.mil/cgi-bin/GetTRDoc?AD=ADA502722&Location=U2&doc=GetTRDoc.pdf ">GAO Report, December 2007).

Date: June 2005 – June 2009

Deal: According to a company press release, Mehr Petrochemical Company signed a contract with Mitsui Chemicals and Mitsui Engineering & Shipbuilding to build an HDPE plant in Assaluyeh. The plant will be constructed using technology licensed by Mitsui Chemicals (Mitsui Chemicals Press Release, June 16, 2005). Iran's NPC website also cites Iran's Rampco as a party to the contract, responsible for construction and pre-commissioning of the plant. Mehr Petrochemical Company is a joint venture between Iran's National Petrochemical Company International, Japan's Itochu, and the Thai firms National Petrochemical Public Company and Cementhai Chemicals Company (NPC News Bulletin, June 15, 2005).

According to the Tehran Times, the plant, worth $230 million, was inaugurated in June 2009 and had started production in May (Tehran Times, June, 24 2009).

Ties to U.S. Business: According to the company's website, Mitsui & Co. has operations in North America, and maintains several offices in both the United States and Canada (Mitsui & Co. Website, accessed July 1, 2010). The company's website notes that Mitsui USA is the corporation's largest subsidiary (Mitsui USA Website, accessed July 1, 2010).

According to USASpending.gov, between 2000 and 2013, Mitsui & Co., received $1,986,311,009 in U.S. government contracts from various agencies, including the U.S. Departments of Interior, Defense, Veteran's Affairs, and Treasury (USASpending.gov, accessed June 25, 2014).

Last Updated: July 11, 2014