Mr. Mitsuo Hidaka, President & CEO of MOECO, speaking at the contract signing ceremony

H.E. Zeyar Aung, Myanmar Minister of Energy, speaking at the ceremony

Mitsui Oil Exploration Co., Ltd. ("MOECO"), a company in which Mitsui & Co. holds a 73.576% equity interest, joined Shell in signing production sharing contracts (PSCs) with the Myanma Oil and Gas Enterprise, on February 5, 2015.

MOECO, via its subsidiaries Moeco Oil & Gas Asia Pte. Ltd., Moeco Asia Offshore Pte. Ltd., and Moeco Asia South Pte. Ltd., made a joint bid with Shell for three blocks located in offshore Myanmar. After being awarded preferred bidder status, MOECO and Shell began negotiating PSC terms, leading to the eventual conclusion of contracts for the three blocks.

Mitsui & Co. has designated Myanmar as one of its priority countries, and is currently pursuing numerous potential business opportunities there. Myanmar is one of the few countries in Southeast Asia with prospective oil and gas resources, and Mitsui is working on this project together with MOECO as it recognizes the high potential for further growth. We look forward to continuing to pursue further business growth opportunities in the region.

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