Mitsubishi Corporation Acquires Houston Based Gas Marketer

Mitsubishi Corporation (MC) on Wednesday announced it has acquired all remaining partnership interest in its affiliated company, Cima Energy, a Houston based oil and gas marketer, through its wholly owned subsidiary MC Global Gas Corporation.

The Japanese firm has held a 34 percent ownership stake in Cima since 2008. Mitsubishi did not provide financial details pertaining to the deal.

The acquisition gives Mitsubishi access to natural gas supplies for its North American export projects.

“Cima will play a key role in assisting feed gas procurement as well as the transportation and delivery of natural gas to MC’s LNG projects, a move which is expected to strengthen MC’s LNG value chain,” the company said. .

Cima is active on all major pipelines and markets across the U.S. and Canada, providing services to hundreds of natural gas wholesale and end-user customers.

Mitsubishi has been expanding its natural gas business in North America over the past several years, including its participation in the Cameron LNG project in Louisiana, USA, and the development of natural gas resources and an LNG project in Canada. The LNG produced will be marketed to customers around the world including Japan and Europe as well as emerging markets in Asia through Diamond Gas International Pte. Ltd., MC’s wholly owned subsidiary for global LNG marketing, based in Singapore.