Mitsui & Co.

"German chemical company BASF is weighing an investment of $4 billion in Iran, the daily Handelsblatt has reported, citing industry sources. Together with an Iranian company, BASF wants to build new petrochemical plants near Iran’s hub of petrochemical activities and gas industry in Assaluyeh, the paper said. BASF signed a memorandum of understanding with the National Iranian Oil Company about future cooperation in April... However, BASF is not the only group that was negotiating with the Iranians, the paper said. Industry sources said Munich gas manufacturer Linde was interested in investment worth billions of dollars in the Iranian petrochemical industry jointly with the Japanese Mitsui Group. According to Handelsblatt, Linde CEO Wolfgang Büchele has been in 'pre-business talks' with the Iranians for some time." (Press TV, "BASF, Linde mull massive Iran investment," 8/9/2016)

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"Iran plans to increase its refining capacity for crude and condensate by more than 70 percent within the next four years as it works to improve the quality of fuel sold on the domestic market and wean itself off imported gasoline... The refineries to be upgraded are at Isfahan, Tabriz, Tehran, Bandar Abbas and Abadan, Kazemi said in the interview on Wednesday. The government will pay for Abadan plant's modernization and is seeking investors to fund the others, he said. Japanese engineering company Chiyoda Corp. is conducting a feasibility study with Mitsui & Co. on the Bandar Abbas project, said Masaru Akamatsu, a Chiyoda spokesman. Japan's Ministry of Economy, Trade & Industry is paying for part of the study, which is scheduled for completion by the end of March, Akamatsu said. The modernization contract is worth about 300 billion yen ($2.8 billion), Japanese broadcaster NHK reported in February... " (Bloomberg, “Iran Plans Oil-Refinery Expansion to Cut Gasoline Imports,” 6/12/2016)

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The Mitsui & Co., Ltd. company website lists offices in Tehran, Iran.

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"Iran said on Monday that it welcomes the return of Japan's Mitsubishi and Mitsui to its petrochemical projects. Abbas Sheri-Moqaddam, the managing director of the National Petrochemical Company (NPC), said Mitsubishi and Mitsui had a satisfactory performance in different sections of Iran’s petrochemical industry. Sheri-Moqaddam, speaking in a meeting with the heads of the two companies who are in Tehran on board a senior Japanese trade delegation, added that they can again participate in Iran’s projects once the sanctions against the country are lifted... The heads of Mitsubishi and Mitsui for their part said they are ready to resume investments in Iran once the sanctions against the country are lifted." (Press TV, "Iran wants Japan’s big petchem firms back," 10/12/15)

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“Japan's Mitsui Company has announced that it is ready to invest $4 billion in Iran's railway, airport, port and shipping projects. Senior officials from the Japanese company met with officials from Iran's Transport and Urban Development Ministry, discussing the investment opportunities, Iran's Mehr news agency reported on May 9. In March, Iranian Foreign Minister Mohammad Javad Zarif said Japan has been an important trading partner to Iran, but unfortunately because of sanctions, there has been a sharp drop in the trade relations. ‘It is important for us to take advantage of the opportunity provided by the result of development in the international scene,’ he said, referring to a deal between Iran and six countries struck in November to curb Tehran's uranium enrichment in exchange for the easing of tough international sanctions.” (Trend, “Japanese company ready to invest $4 bln in Iran’s transport projects,” 5/9/14)

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"Japanese shipping company Phoenix Tankers is one such company. Phoenix shipped Iranian LPG to South Korea earlier this year on a spot basis, said Tetsutaro Kozai, a spokesman at Mitsui OSK, the parent company of Phoenix. 'It is now up to our customers as the EU has discussed but not yet decided if LPG is subject to sanctions,' he said. 'If there is such a spot order, we'll comply with the EU's decision and consider if we can transport safely before accepting it.'" (Reuters, "EU sanctions strangle Iranian LPG exports to Asia," 10/31/2012")

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"Nova Tankers, the Copenhagen-based operator of a pool of ships including vessels owned by Mitsui O.S.K Lines Ltd., won't load Iranian crude because of European sanctions, Managing Director Morten Pilnov said by phone from Singapore on Feb 9." (Bloomberg, "Iran Sanctions Tighten as OSG to Frontline Halt Crude Cargo," 2/13/2012)

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"Iran's Petrochemical Commercial Co (PCC) sold 15,000-23,000 tonnes of ammonia for late October lifting to Japanese trader Mitsui at $420/tonne (€307/tonne) FOB (free on board), market sources said on Thursday. The price was $10/tonne higher than the last concluded sale out of the Middle East amid limited supply and healthy demand, they said. From Qatar Fertilizer Co (QAFCO), Mitsui bought a spot cargo for mid-October loading at [2]$410/tonne FOB on 16 September, sources said." (Chemical News & Intelligence, "Iran's PCC sells up to 23,000t ammonia to Mitsui at $420/tonne," 9/30/10)

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"Mitsui has purchased an Iranian ammonia cargo for August shipment at $315/tonne (€246/tonne), up by $20/tonne from its last buy, amid a firmer market, a source with the Japan-based trader said on Thursday. The 23,500-tonne cargo was purchased from Iran's Petrochemical Commercial Co on a free on board (FOB) basis, the source said. The Tilos vessel is due to arrive at the port on 27 July and the cargo is to be lifted in the second half of August, the source said, adding that the shipment is expected to sail to India. Mitsui last purchased ammonia from Petrochemical Commercial in late June at $295/tonne FOB for late-July/early-August shipment from the port of Bandar Imam Khomeini." (Chemical News & Intelligence, "Mitsui buys 23,500-tonne Iran ammonia cargo at $315/tonne," 7/22/10)

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"Mitsui's business in Iran goes back to the 1970s, according to a company history, and its Web site lists a current office in Iran. Mitsui & Co., Ltd. has arranged financing provided by export credit agencies for the principals of industrial projects in Iran that have been planned, owned and operated by companies in which the government has a direct or indirect equity share, according to company spokesman Shinji Takeuchi. He said that Mitsui & Co. is also involved in supporting the purchase of crude oil, oil products and petrochemical products from Iran for sale in Japan and other Asian countries. Mitsui's lucrative work for the United States government includes providing platinum to the United States Mint for coins." From 2000-2009, the company was the recipient of $768.6 million US federal funds. Their investments are currently active in Iran. (The New York Times, "Profiting from Iran, and the US," 3/6/2010)

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The U.S. has not begun to exercise its leverage in that area. Consider that in the last two years, Brazil's Petrobras, China's Sinopec, Italy's Eni, Japan's Mitsui Petrochemical and Norway's Statoil have all reportedly made deals worth more than $10 million each in Iran's energy sector. All are listed on the New York Stock Exchange (except for Mitsui's parent, which is on the Nasdaq). Should Iran's economic enablers be listed on American exchanges? (The Wall Street Journal, "The Right Sanctions Can Still Stop Iran," 12/10/09)

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Trading companies including Mitsui & Co., Marubeni, and Mitsubishi Corp. are lifting large quantities of products from Iran. (Chemical Week, "Iran Aims to Overtake Saudi Arabia in Petchems; NPC Sale Advances," 5/26/08)

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Listed by U.S. Government as doing business in Iran. (U.S. Securities and Exchange Commission, "List of Companies Doing Business With State Sponsors Of Terror," Removed from the Internet in July 2007)

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Mitsui Engineering and Shipbuilding was up 4.2 pct or 8 yen at 200 following a report it won a 35 bln yen contract to build an ethylene glycol factory in Iran. (AFX, "Tokyo stocks slightly higher at lunch on foreign investor-led buying," 2/21/05)