Japan's Mitsubishi Corp. Announces Partnership With South Korean Lotte Chemical Corp. and Germany's RWE

Mitsubishi Corp of Japan announced on Wednesday that it has agreed to investigate the possibility of producing clean ammonia in Texas with South Korean Lotte Chemical Corp and German energy firm RWE.

Ammonia and hydrogen are central to developed countries' efforts, including Japan's, to achieve zero-carbon emissions by the middle of the century, with investments and projects under consideration booming globally.

RWE, Lotte, and Mitsubishi have signed a joint study agreement for a clean ammonia production and export project in Texas' Port of Corpus Christi, as part of an alliance to develop green and blue ammonia supply chains in Asia, Europe, and the United States, according to a statement from the Japanese trading company.

The statement added that the first production will begin in 2030 and will gradually increase to up to 10 million tonnes of clean ammonia per year at multiple production units.

The Mitsubishi Group is a collection of self-contained Japanese multinational corporations operating in a variety of industries.

The Mitsubishi Group is made up of approximately 40 individual companies that are not controlled by a parent company. Each Mitsubishi company owns a significant (but not always controlling) portion of the shares of the others.

The Friday Conference, a luncheon meeting of the group's most senior executives held on the second Friday of each month, is attended by 29 of the group's companies. The group began holding monthly executive meetings in 1952, and the meetings evolved into a forum for policy coordination among the group companies over time.