Effective October 1, 2010, Mitsubishi Corporation (MC) will merge its wholly-owned subsidiaries MC Energy, Inc., that handles a wide range of petroleum products especially focusing on asphalt for road construction and other industrial purposed, and industrial use fuels, and Petro-Diamond Japan Corporation (PDJ) that specializes in sales of marine products, including bunker fuel oil and marine lubricants to enhance sales structure of heavy petroleum products. PDJ, the merging company, will afresh change its name to "MC Energy, Inc." (MCE), remaining a wholly-owned subsidiary of MC with capital of 490 million JPY.

 

MCE aims to further increase management efficiency by combining management resources from both subsidiaries and to also expand business by utilizing MC's trading expertise and global network. MCE will become core player in MC's petroleum business, as well as Mitsubishi Shoji Sekiyu Co., Ltd. that is one of Japan’s largest light petroleum products retailing and trading companies.

 

<Outline of merging company> (as of Oct 1)

Name	MC Energy, Inc.
Address	1-2-2, Uchisaiwaicho 1-chome, Chiyoda-ku, Tokyo
Capital fund	490 million yen.
Representative	Shunichiro Kuwahara, Chief Executive Officer
Shareholder	Mitsubishi Corporation 100%
Business	Import and export of petroleum products (asphalt, industrial use fuels, bunker fuel oil, etc)
Start of Operations	October 1, 2010

 

<Outline of companies> (as of Sep 30)

Name	Petro-Diamond Japan Corporation(merging company)	MC Energy, Inc. (dissolved company)
Address	1-2-2, Uchisaiwaicho 1-chome, Chiyoda-ku, Tokyo	1-2-2, Uchisaiwaicho 1-chome, Chiyoda-ku, Tokyo
Capital fund	10 million yen	490 million yen
Representative	Hiroto Hyakkoku, Chief Executive Officer	Shunichiro Kuwahara, Chief Executive Officer
Shareholder	Mitsubishi Corporation 100%	Mitsubishi Corporation 100%
Business	Import and export of bunker oil and marine lubricants	Import and export of asphalt and industrial use fuels
Establishment	January 1, 2000	January 1, 1955