GNPC appoints Mitsui & Co as key partner for gas production
Ghana National Petroleum Corporation (GNPC) has appointed Japan-based trading company Mitsui & Co Limited to help develop infrastructure for its natural gas production, the government ministry said on Wednesday.
Mitsui will assess how best to construct a second plant to process raw natural gas from the Tano basin, the petroleum ministry said in a statement after a memorandum was signed.
Ghana, which exports cocoa, gold and oil, is expected to produce about 250 million cubic feet of gas daily by 2018 from its main west Tano basins.
State-owned GNPC has stakes in Ghana’s major oil and gas blocks, including the flagship Jubilee field, and it has plans to become a national supplier of gas.
The West African nation produces an average of 100,000 barrels of oil daily and 140 million cubic feet of gas from the Jubilee field, operated by a consortium led by Tullow Oil .
Two other fields, Tweneboa-Enyenra-Ntomme, operated by the consortium, and Sankofa, operated by Italy’s ENI, are expected to come on stream next year and 2017 respectively.
Mitsui & Co., Ltd. (三井物産 Mitsui Bussan?) is one of the largest sogo shosha (general trading companies) in Japan, and also part of the Mitsui Group. Its business area covers energy, machinery, chemicals, food, textile, logistics, finance, and more.
Business areas
Mitsui engages in six major business areas:
Energy: Upstream development and trading in oil and gas. This is Mitsui’s largest line of business, accounting for over half of its consolidated EBITDA and net earnings in the first half of fiscal year 2015. Mitsui has two major energy projects in the United States, at the Marcellus Shale in the Mid-Atlantic and the Eagle Ford Shale in Texas.
Metals: Development and trading in various metals with a focus on iron ore and steel. This business is also comparatively large, accounting for about a quarter of consolidated EBITDA and net earnings. In 2014 Mitsui acquired a stake in the Moatize coal mine and Nacala rail and port development in Mozambique from the Brazilian mining company Vale.
Chemicals: Trades and invests in basic and performance chemicals including fertilizers, electronics materials and functional materials.
Machinery and Infrastructure: Sells, finances and invests in large-scale plants, ships, aircraft, automobiles and other heavy machinery.
Lifestyle: Develops business in food, retail, healthcare, fashion, forestry and real estate. In 2014, CEO Masami Iijima identified this segment as an area of particular interest, particularly in relation to Mitsui’s cooperation with Lippo Group in Indonesia.
Information and Corporate Development: Develops business in information technology, finance and logistics.
Recent activities
Wastewater treatment service project, Mexico
Sakhalin II LNG Project, Russia
Photovoltaic Power Project, Catalonia, Spain
Acquisition of Taiwan TV Shopping Company
Brazil Biofuel Project with Petrobras
Bald Hills Wind Farm Project, Victoria, Australia
Umm Al Nar Power and Water Project, Abu Dhabi
Credit: Reuters
