Mitsui & Co to Liquidate LNG Unit

Mitsui & Co. on Thursday said it will liquidate its LNG unit, Mitsui & Co. LNG Investment Limited (MITLI).

MITLI has transferred its holdings in LNG projects to Mitsui. The status of MITLI has changed from a consolidated subsidiary to an unconsolidated subsidiary as a result of reduction in paid-in capital after investments held by MITLI have been transferred to Mitsui.

MITLI was established for the purpose of managing its investments in an integrated manner, but recent business environment has led to the aforementioned transfer of investments and the planned liquidation as part of Mitsui's cost-cutting and streamlining measures, the company said.

Capital reduction exercise took place on March 30, 2016. Liquidation is expected to be complete by approximately six months after the reduction of capital.