✦ Mozambique LNG: ¥310 Billion Waiting for 2029Thin moat

Mitsui & Co. (8031) — the future bets

Mitsui has ¥310 billion committed to an LNG project that stood still for four years and now aims for 2029.

Mitsui holds 20% of Mozambique LNG through Mitsui E&P Mozambique Area 1, with TotalEnergies as operator1. The project stopped in 2021, when force majeure was declared; the partners decided to lift it on 7 November 20252, and TotalEnergies announced the full restart of activities in early 2026, with the project about 40% complete and first LNG expected in 20293. Its two initial trains have a combined capacity of 13 million tonnes a year4.

Mozambique LNG2021force majeure declared7 Nov 2025force majeure liftedEarly 2026full restart, about40% complete2029first LNG expectedTotalEnergies; Mitsui holds 20%
Four years stopped, three to go.

Mitsui's exposure through investments, loans and guarantees is ¥309.8 billion5, and it put a further ¥44.5 billion of capital into the Mozambique company in the latest year6. The project is central to its plan to take equity LNG capacity from 8 million tonnes to more than 15 million after 20307.

The risk is the reason it stopped: a project that has been halted once by force majeure can be halted again.

The capital increase of ¥44.5 billion in the latest year8 is a sign of the restart: construction resumed in January 20269 and the partners began spending again. Until first LNG, the project adds to Mitsui's assets and its exposure without adding to profit.

The measure is construction progress. Moving from about 40% complete toward first LNG in 2029 on schedule would convert ¥310 billion of exposure into production.

Moat trajectory: Widening

Force majeure was lifted and construction restarted.

The number that tests this moat
Reported
Mozambique exposure
¥309.8bn of investments, loans and guarantees

The capital at stake until first LNG; watch progress from about 40% complete.

Source: Mitsui & Co. Integrated Report 2026, data ↗
References
  1. ReportedMitsui holds 20% of Mozambique LNG through Mitsui E&P Mozambique Area 1, with TotalEnergies as operator.
    TotalEnergies press release - Mozambique LNG announces the full restart of its activities, with Mitsui's 20% interest, the lifting of force majeure and first LNG expected in 2029. — January 2026 · publ. January 2026 · source ↗
  2. ReportedThe project stopped in 2021, when force majeure was declared; the partners decided to lift it on 7 November 2025, and TotalEnergies announced the full restart of activities in early 2026, with the project about 40% complete and first LNG expected in 2029.
    TotalEnergies press release - Mozambique LNG announces the full restart of its activities, with Mitsui's 20% interest, the lifting of force majeure and first LNG expected in 2029. — January 2026 · publ. January 2026 · source ↗
  3. ReportedThe project stopped in 2021, when force majeure was declared; the partners decided to lift it on 7 November 2025, and TotalEnergies announced the full restart of activities in early 2026, with the project about 40% complete and first LNG expected in 2029.
    TotalEnergies press release - Mozambique LNG announces the full restart of its activities, with Mitsui's 20% interest, the lifting of force majeure and first LNG expected in 2029. — January 2026 · publ. January 2026 · source ↗
  4. ReportedIts two initial trains have a combined capacity of 13 million tonnes a year.
    Journal of Petroleum Technology - TotalEnergies lifts force majeure on Mozambique LNG, two initial trains of 13 mtpa. — November 2025 · publ. November 2025 · source ↗
  5. ReportedMitsui's exposure through investments, loans and guarantees is ¥309.8 billion, and it put a further ¥44.5 billion of capital into the Mozambique company in the latest year.
    Mitsui & Co. Integrated Report 2026, data section - results by operating segment: gross profit, equity-method profit, dividend income, core operating cash flow and total assets. — FY to March 2022-2026 · publ. 2026 · source ↗
  6. ReportedMitsui's exposure through investments, loans and guarantees is ¥309.8 billion, and it put a further ¥44.5 billion of capital into the Mozambique company in the latest year.
    Mitsui & Co., Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, segment information, dividends, buybacks and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  7. ReportedThe project is central to its plan to take equity LNG capacity from 8 million tonnes to more than 15 million after 2030.
    Mitsui & Co. Integrated Report 2026, Our Edge - profit of the iron ore, LNG, mobility and protein and healthcare businesses, the iron ore and LNG growth paths, IHH's hospitals and market positions. — 2026 · publ. 2026 · source ↗
  8. ReportedThe capital increase of ¥44.5 billion in the latest year is a sign of the restart: construction resumed in January 2026 and the partners began spending again.
    Mitsui & Co., Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, segment information, dividends, buybacks and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  9. ReportedThe capital increase of ¥44.5 billion in the latest year is a sign of the restart: construction resumed in January 2026 and the partners began spending again.
    TotalEnergies press release - Mozambique LNG announces the full restart of its activities, with Mitsui's 20% interest, the lifting of force majeure and first LNG expected in 2029. — January 2026 · publ. January 2026 · source ↗
Sources
Generated September 24, 2026