Mitsubishi to promote new energy business

Mitsubishi Corp. said that it will ramp up its renewable energy business worldwide, taking advantage of its “value chain” strategic strength. Mitsubishi will focus on the new energy business, namely electricity generation using solar and wind energies, as well as biofuel and other alternative energy sources and environmental treatment of water and sewage. Mitsubishi had earlier reorganized its new energy and environment-related division as a corporate development section under the direct control of the president. The company expects tie-ups with oil companies such as Malaysian state-run oil and gas firm Petroliam Nasional Bhd (Petronas) to help with its new energy business. (May 20, 2009)