Japan's Mitsui Weighs Possible Role in Alaska LNG Project, No Decision Yet
(Reuters) — Japanese trading house Mitsui could consider studying a project to liquefy natural gas in the U.S. state of Alaska, but no decisions have been made yet, Chief Financial Officer Tetsuya Shigeta said on Tuesday.
Japan is considering offering support for a $44-billion gas pipeline in Alaska as it seeks to court U.S. President Donald Trump and forestall potential trade friction, sources told Reuters last week.
Shigeta said he hoped a meeting expected this week between Prime Minister Shigeru Ishiba and Trump would help enhance Japan's presence in the United States, reaffirming its role as the latter's largest source of investment.
Asked about the reported LNG development in Alaska, Shigeta said it was a natural candidate for consideration, presenting a valuable opportunity because of its proximity to Japan and other Asian countries.
"But we have nothing we can talk about now, including our policy," he added.
China on Tuesday slapped tariffs on some U.S. imports in a swift response to new U.S. duties on Chinese goods, renewing a trade war between the world's top two economies even as Trump offered reprieves to Mexico and Canada.
Mitsui's automobile and steel products business in Mexico and Canada could be affected by potential U.S. tariffs, though the increasing geopolitical risks from tariffs and retaliatory measures could provide a great business opportunity for the company to help rebuild U.S. supply chains, Shigeta said.
Mitsui's U.S. domestic businesses such as steel products, used cars and chemicals could also benefit by the tariffs, but shrinking global trade volumes would be a risk, as its business model focuses on solving issues in the global logistics supply chain, he added.
On Monday, Mitsubishi Corp., which led all three consortia winning Japan's first offshore wind auctions in 2021, said it was reviewing its offshore wind business at home amid soaring costs and the weak yen, signaling that Tokyo's renewable energy plans are not immune to global trends.
Mitsui, in partnership with others, won an offshore wind farm development right in 2023.
"We are facing challenges due to soaring construction costs and foreign exchange rate fluctuations, but we plan to continue to promote our business firmly," Shigeta said.
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