The Dividend Projects: Abu Dhabi, Qatar, Oman and SakhalinNarrow moat

Mitsui & Co. (8031) — moat facet

Mitsui's oldest LNG positions are small shareholdings that still pay about ¥70 billion a year.

Four of Mitsui's LNG positions are small shareholdings that pay dividends rather than a share of profit: ADNOC LNG at 15%, QatarEnergy LNG N(3) at 1.5%, Oman LNG at 2.77% and Sakhalin II at 12.5%1. Together they paid ¥92.0 billion in the year to March 2024, ¥84.9 billion in 2025 and ¥69.2 billion in 20262.

Dividends from four LNG projects (¥ bn, years to March)92.0202484.9202569.22026Sakhalin II, Abu Dhabi, Oman and Qatar; Mitsui Integrated Report 2026
A quarter lower in two years as prices fell.

These are the stakes that made Mitsui an LNG company. The Abu Dhabi agreement dates from 19713 and Sakhalin II from 19944. They were built decades ago, have long since paid back and produce cash with little further investment.

Their dividends follow the price of LNG, which is largely linked to oil. The company notes that only about 5% of its oil-linked income moves with no time lag5, so the decline in the latest year partly reflects prices from earlier.

The four projects are very different in size. Mitsui holds 15% of ADNOC LNG's 6.0 million tonnes a year6, a meaningful share, and 1.5% of QatarEnergy LNG N(3)7, a small one. Oman LNG is 2.77% and Sakhalin II 12.5% of 9.6 million tonnes8. Three of the four are in the Gulf.

The measure is the dividend from the four projects. A continued fall from ¥69.2 billion would show the old contracts being repriced lower.

Moat trajectory: Narrowing

Dividends fell from ¥92.0 billion to ¥69.2 billion in two years.

The number that tests this moat
Reported
Dividends from four LNG projects, latest year
¥69.2bn against ¥92.0bn two years earlier

The cash from the old projects; watch whether it stabilises with oil-linked prices.

Source: Mitsui & Co. Integrated Report 2026, data ↗
⚠ Threats to the moat
⚠ THREAT 01
The Dividends Fell a Quarter in Two Years
The steadiest cash in Mitsui's energy business is shrinking with the oil price.
References
  1. ReportedFour of Mitsui's LNG positions are small shareholdings that pay dividends rather than a share of profit: ADNOC LNG at 15%, QatarEnergy LNG N(3) at 1.5%, Oman LNG at 2.77% and Sakhalin II at 12.5%.
    Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗
  2. ReportedTogether they paid ¥92.0 billion in the year to March 2024, ¥84.9 billion in 2025 and ¥69.2 billion in 2026.
    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 ↗
  3. ReportedThe Abu Dhabi agreement dates from 1971 and Sakhalin II from 1994.
    Mitsui & Co., Annual Securities Report for the year to March 2026 (English) - company history, employees, share price history, total shareholder return, equity production, the revenue of the Singapore trading subsidiary, competition and the Arctic LNG 2 guarantees. — FY to March 2026 · publ. 12 August 2026 · source ↗
  4. ReportedThe Abu Dhabi agreement dates from 1971 and Sakhalin II from 1994.
    Mitsui & Co., Annual Securities Report for the year to March 2026 (English) - company history, employees, share price history, total shareholder return, equity production, the revenue of the Singapore trading subsidiary, competition and the Arctic LNG 2 guarantees. — FY to March 2026 · publ. 12 August 2026 · source ↗
  5. ReportedThe company notes that only about 5% of its oil-linked income moves with no time lag, so the decline in the latest year partly reflects prices from earlier.
    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 ↗
  6. ReportedMitsui holds 15% of ADNOC LNG's 6.0 million tonnes a year, a meaningful share, and 1.5% of QatarEnergy LNG N(3), a small one.
    Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗
  7. ReportedMitsui holds 15% of ADNOC LNG's 6.0 million tonnes a year, a meaningful share, and 1.5% of QatarEnergy LNG N(3), a small one.
    Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗
  8. ReportedOman LNG is 2.77% and Sakhalin II 12.5% of 9.6 million tonnes.
    Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗
Sources
Generated September 24, 2026