President Kojima shakes hands with PDVSA President Rafael Ramirez at the signing ceremony.

On April 6, 2009, MC joined Japan Oil, Gas and Metals National Corp. (JOGMEC) and INPEX Corp. in signing an agreement with Petroleos de Venezuela S.A. (PDVSA) regarding the implementation of a joint study to investigate the possible development of Orinoco heavy oil resources on the north bank of the Orinoco River in Venezuela.
The Orinoco Heavy Oil Belt in Venezuela is said to contain as much as 270 billion barrels of recoverable oil, which is roughly equivalent to the oil reserves of Saudi Arabia. The area is also attracting growing attention as countries around the world seek to diversify their oil suppliers.
Specifically, the joint study will assess the feasibility of developing the Junin 11 block of the Orinoco Oil Belt. It will examine the area's geological structure, methods of development, necessary processing installations and other factors. MC also signed memorandums of understanding related to examining participation in the development of the Mariscal Sucre gas field (Energy Business Group); arranging financing for the expansion of facilities at the Puerto La Cruz Refinery (Machinery & Energy Business Groups); and studying potential collaboration on petrochemical projects (Chemicals Group).

Mitsubishi Corporation (MC), together with the Brunei government and Shell, joined the Brunei project in 1969 and set up Brunei LNG Corporation. Since 1972 the company has stably supplied for over thirty years LNG (liquefied natural gas) to Japanese electric and gas companies, and Korean gas companies who later began supplying gas. Currently, MC has LNG contracts in approximately 6.7 million tons per year with those companies. The Brunei LNG plant is currently under full renovations, and with the completion of the construction to exchange its main heat exchanger, the most important project of the renovations, it will become possible to increase production capacity above annually contracted levels.

The Sakhalin II Project is a combined oil and natural gas development project operating off the coast of Sakhalin Island, Russia. Sakhalin Energy Investment Co., Ltd., the shareholders structure of this company are OAO Gazprom with 50% +1 share, Royal Dutch/Shell Group with 27.5% -1 share, Mitsui & Co., Ltd with 12.5% and Mitsubishi Corporation with 10%. Phase 1 of this project began in 1999 and during this phase the commencement of oil production in the summer half year was achieved. Works are now underway for Phase 2, the aim of which is to commence full-year oil production and shipment of liquid natural gas (LNG).

MC established Diamond Tanker Pte. Ltd. in Singapore in April 2005. The company has recently concluded shipbuilding contracts for four Afra Max tankers. These vessels have complete double hulls that have the world's highest standards of stability and environmental safety and lead in their adoption of international structural regulations. Because of our decision to be at the forefront of the industry and invest in these up-to-date vessels, MC now has 7 Afra Max tankers and plans to strengthen further its tanker business.

Because of the cost advantage inherent in having its own fleet of ships, MC previously traded LPG overseas and imported LPG for sale in Japan through subsidiary Mitsubishi Liquefied Petroleum Gas Co., Ltd. However, in April 2006 to promote the further development of this business, a new company, Astomos Energy Corporation, was established after discussion with Idemitsu Kosan Co., Ltd. by integrating the two companies' respective LPG businesses. Astomos Energy is the world number one; it is the largest primary distributor of LPG in Japan and boasts the highest overseas transaction and transportation volumes in the world. Looking forward, Astomos Energy is engaging in activities in wide-ranging fields as an energy solutions company while working to strengthen its value chain.

Through a wholly owned U.S.-based subsidiary, Mitsubishi Corporation (MC) is engaged in crude oil and gas E&P operations in the Gulf of Mexico, U.S.A. At present, these operations are producing approximately 8,000 BOE (barrels of oil equivalent) per day. In fiscal 2006, MC commenced oil production as an operator for the first time in the Mustang Island Block 726. MC will continue to expand operations by participating in new projects, particularly development projects.