NISSHO IWAI and SUMITOMO CORPORATION Announces Outline of New Company in LNG Business Alliance
Aug. 30, 2001
TOKYO(August 30, 2001)--In regard to the liquefied natural gas (LNG) business alliance between Nissho Iwai Corporation and Sumitomo Corporation announced on June 20, 2001, Nissho Iwai herein announces that the outline of the new company, LNG JAPAN CORPORATION, has begun to take shape as follows:
Sumitomo Corporation will invest in LNG Japan by acquiring 50% of its shares at the end of September. LNG Japan will start operations on October 1, 2001
LNG JAPAN CORPORATION PROFILE
| 1 Name | LNG Japan Corporation |
| 2 Business | LNG business, as well as related investments |
| 3 Start of Operation | October 1, 2001 |
| 4 Location | Roppongi First Bld., Roppongi 1-9-9, Minato-Ku, TOKYO, JAPAN |
| 5 Chairman | To be named (from SUMITOMO CORPORATION) |
| 6 President | Kenichi Yonezawa (from NISSHO IWAI CORPORATION) |
| 7 Paid-in Capital | ¥ 8.0 billion |
| 8 Employees | About 70 (About 110 on a consolidated basis) |
| 9 Ownership | NISSHO IWAI CORPORATION, 50% SUMITOMO CORPORATION, 50% |
| 10 Assets transferred from Nissho Iwai to LNG Japan | ¥ 53.0 billion |