Mitsui & Co has entered into an agreement with Mitsui O.S.K. Lines to jointly acquire the Port of Nigg in northeast Scotland and part of the business owned by GEG (Holdings) Limited.

The acquisition covers steel processing, equipment manufacturing, and the base port operation business, all of which serve the UK energy sector, with a primary focus on offshore wind power generation.

The acquired businesses will be operated by a new joint venture, Global Energy Service Holding Limited (GESH), in which Mitsui will hold a 51% stake and MOL will hold 49%. The completion of the acquisition is expected in the summer of 2025. The Port of Nigg is considered especially important for the UK's offshore wind industry due to its strategic location on the North Sea coast, which is a major area for wind power development.

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Through the acquisition, Mitsui will combine its extensive industrial networks with MOL's shipping and port business assets to strengthen steel processing, manufacturing operations, and supply chains centred on the Port of Nigg. Mitsui stated that this move aligns with the UK's goal of improving energy self-sufficiency and achieving its net-zero target by 2050, further cementing Mitsui's role in the region's energy value chain.