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Markets :: Basic Chemicals :: Petrochemicals :: Ethylene

Mitsui & Co. Inks $680-million Shale Play Deal

1:45 PM MDT | June 30, 2011 | Lindsey Bewley

Mitsui & Co. says its subsidiary Mitsui E&P Texas (MEPTX) has acquired a 12.5% interest in SM Energy Co.’s (Denver) non-operating property in the Eagle Ford shale play in South Texas for $680 million. The deal gives MEPTX about 47,000 net acres is expected to close in the third quarter of 2011.   “We expect that this project, which includes technically and financially capable partners, will become a core business base for Mitsui providing cash flow and profit over the long term,” the Mitsui & Co. says. “We have expanded...

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