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MHI, NYK Line and Mitsui & Co. to participate in
feasibility study to modernize shipbuilding unit of OPK, Russia

Mitsubishi Heavy Industries, Ltd.
Nippon Yusen Kabushiki Kaisha
Mitsui & Co., Ltd.
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Tokyo, April 27, 2009 - Three Japanese companies - Mitsubishi Heavy Industries, Ltd. (MHI), Nippon Yusen Kabushiki Kaisha (NYK Line) and Mitsui & Co., Ltd. - have signed an agreement with United Industrial Corporation (OPK), one of Russia's largest diversified corporations, to implement a feasibility study on constructing large-size liquid natural gas (LNG) carriers at the shipyards of an OPK affiliate.

Under the feasibility study, the three Japanese companies will consider modernization of the shipbuilding facilities at the OPK affiliate to enable construction of large-size LNG carriers. The three partners also look to cooperate with the shipyards, once modernization is completed, in participating in businesses related to future Russian LNG projects.

From the perspectives of shipbuilding as well as ship ownership and operation, the three Japanese firms view natural resources and energy as one of Russia's most important sectors destined for expanded development. Given that resource- and energy-related transportation, including LNG projects, is expected to expand in Russia in the coming years, the three companies seek to leverage this opportunity to support the modernization of shipyards in Russia toward their vigorous participation in that country's resource- and energy-related sector.

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About MHI Group

Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.