TOKYO - Japanese trading house Mitsui & Co plans to expand its liquefied natural gas and iron ore assets to meet growing demand in Asia despite signs of a slowing global economy amid a prolonged U.S.-China trade row, its senior executive said.
Mitsui, which trades everything from corn to tankers, sees weakening demand in China in some areas such as automobile parts, but the protracted U.S.-Sino trade war and rising tensions in the Middle East will not slow its investments in LNG and iron ore, Takebe said. Betting on bigger appetites for the super-chilled fuel, Mitsui made final investment decisions on the Mozambique LNG project in June and Russia’s Arctic LNG 2 this month, and it plans FIDs in the early 2020s for the Browse gas project off northwest Australia and the Sakhalin 2 expansion in Russia, Takebe said.
“The LNG market is oversupplied now as about 40 million tonnes of capacity has been added in the past year or two. But some predict a large shortage in 2035,” Takebe said. Iron ore, coking coal and copper are Mitsui’s key focus among metals, but it also has an appetite for nickel.
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