Mitsubishi buys stake and offtakes ammonia in Texas from ExxonMobil
The Japanese trading house Mitsubishi announced on Friday that it had reached an agreement in principle to purchase a stake and take delivery of low-carbon ammonia produced by ExxonMobil at its hydrogen plant in Texas. As part of its decarbonisation campaign, Japan aims to increase the use of ammonia and hydrogen in power plants and for other uses, such as steel and automobiles. Mitsubishi stated that ExxonMobil was expecting to produce up 1 billion cubic feet per day (bcf), which would be about 98% CO2 removed.
Powerful Earthquake Shuts Down Fifth of Japan's Oil Refining Capacity
Japanese refiners led by the biggest, Eneos Corp, shut down a fifth of the country's crude oil refining capacity after a powerful earthquake struck northeastern Japan knocking out power, bullet train lines and injuring more than 150 people.The refinery shutdowns in the world's fourth-biggest oil importer are another potential hit after the pandemic led to the evaporation of crude demand over the last year.As much as 743…
Japan's Refiners Facing Stagnant Market May Cut Capacity
Japanese refineries may be forced to shut down capacity once again unless they see a strong recovery from the coronavirus pandemic. They've been hit by declining use for fuel at home, competition from newer refineries in China and South Korea dominating in other markets, as well. Idemitsu Kosan on Tuesday reported an annual loss, like its competitors have done in recent days. Executive Officer Noriaki Sakai said Japan's…
Japan's Oil Refiners Keep Running Even as Coronavirus Curbs Fuel Sales
Sales of petroleum products are slumping in Japan as the coronavirus outbreak worsens in the world's fourth-biggest importer of crude, but the country's biggest refiners say they are not planning to cut production.Oil product sales, including gasoline and jet fuel, slumped more than a quarter last week, the most recent period for which figures are available. Jet fuel sales sunk nearly 80% as Japanese and global airlines…
Asian Refiners Strive to Finish IMO Preparations
At SK Energy's largest refinery in South Korea, engineers are rushing to complete a new processing unit ahead of schedule as the firm looks to boost sales of low-emission fuels before new marine fuel standards take effect in just one month.In Japan, the country's second-biggest refiner Idemitsu Kosan Co is taking a more cautious stance, increasing capacity for low sulphur fuel oil (LSFO), but also relying on blending…
Nghi Son Refinery Begins Commercial Production
Vietnam's Nghi Son oil refinery has officially begun commercial production following months of tests, the owner of the refinery said on Monday.Commercial production had begun from Nov.
How Refiners Plan to Grapple With Fuel Oil Output After 2020
High-sulphur fuel oil (HSFO), essentially the leftovers of an oil refiner's output, will still flow from refineries around the world even after new rules start up in 2020 curtailing its use in the global shipping fleet, a Reuters survey showed.Sixty percent of the 33 refineries contacted by Reuters in a global survey will still produce HSFO in 2020 although the supply will tighten as 70 percent of these refiners plan to reduce their output.Starting that year…
Idemitsu Founding Family to Accept Showa Shell Merger
Idemitsu, Showa Shell to merge next spring via stock swap; Idemitsu to make family member as director of merged company. Idemitsu's founding family will drop its opposition to plans for a merger of Idemitsu Kosan and Showa Shell Sekiyu, paving the way for the Japanese oil firms to combine, the Nikkei reported. The family, led by descendants of founder Sazo Idemitsu and which has a little over 28 percent stake in Idemitsu…
Idemitsu Names Shunichi Kito as New CEO
Current CEO to continue to seek integration with Showa Shell; Idemitsu, Showa Shell to send execs to each other. TOKYO, Feb 14 (Reuters) - Japanese oil refiner Idemitsu Kosan Co says it has named Executive Vice President Shunichi Kito, 61, as its next president and CEO, effective as of April 1. Idemitsu President and CEO Takashi Tsukioka is to become chairman as of the same date. Tsukioka said the changes are to accelerate business collaboration with Showa Shell Sekiyu.
Idemitsu, Showa Shell to Combine Crude Liftings
The two companies expect to finish this loading integration in the second-half of 2018, Idemitsu CEO Takashi Tsukioka told reporters on the sidelines of an industry event to mark the New Year. Idemitsu said last month that it and Showa Shell would combine management of their key businesses, pursuing a merger bitterly opposed by a core investor - Idemitsu's founding family. Japan's second- and fourth-biggest refiners by…
Japan Fires Up Biomass Energy as Fuel Shortage Looms
As the sun sets on Japan's solar energy boom, companies and investors are rushing into wood-burning biomass projects to lock in still-high government subsidies. More than 800 projects have already won government approval, offering 12.4 gigawatts (GW) of capacity -- equal to 12 nuclear power stations and nearly double Japan's 2030 target for biomass in its basic energy policy. The sheer number of projects has raised questions about how they will all find sufficient fuel…
Idemitsu, Showa Shell Ink Alliance Deal
Japanese oil refiners Idemitsu Kosan Co Ltd and Showa Shell Sekiyu KK said on Tuesday that they have signed a deal to form a business alliance ahead of Idemitsu's stalled merger with Showa Shell. Under the deal, the companies will cooperate more closely on crude purchases and transportation as well as production plans, they said in a statement. Idemitsu Kosan completed the purchase of just under a third of Showa Shell last December…
Shell Sheds Showa Shell to Idemitsu
Shell has completed the sale of a 31.2% shareholding in Showa Shell Sekiyu K.K. to Idemitsu Kosan Co. Ltd. for approximately $1.4 billion. Completion follows anti-trust approval from the Japan Fair Trade Commission. The sale supports Shell’s strategic commitment to focus downstream activity on areas where it can be most competitive. Shell’s upstream, integrated gas, chemicals and trading businesses are not impacted by the sale. Japan remains an important LNG market for Shell.
Idemitsu to Delay Showa Shell Purchase
Postponement is just the latest setback in drawn-out merger attempt. Japanese oil refiner Idemitsu Kosan will again delay its planned purchase of Showa Shell Sekiyu shares from Royal Dutch Shell because a review by the Japan Fair Trade Commission is still under way. Idemitsu said in a statement on Monday it will postpone the purchase to either December or January, from its originally planned closure by this month. The delay is another setback for Idemitsu in its attempt to take over Showa Shell…
Idemitsu Delays Showa Shell Deal on Family Opposition
Idemitsu family may block takeover, veto board decisions. Japanese refiner Idemitsu Kosan Co Ltd has put on hold its plan for a full takeover of smaller rival Showa Shell Sekiyu indefinitely after running into fierce opposition from the Idemitsu founding family. The postponement raises fresh questions over whether the two firms will ever be able to combine businesses given that the founding family, which owns just over a third of Idemitsu…
Refiners Struggle as Asia Drowns in Gasoline
Singapore light distillate stocks near record; refiners see no quick improvements in profit margins. Asia's refined product markets are being swamped by a wave of gasoline as a long-lasting crude oil glut spills into the one fuel market refiners had hoped would save them, ruining margins and dragging down share prices across the region. Singapore's benchmark gasoline margins - long the bright spot for Asia's oil processors amid rock-bottom profits earned on diesel…
JX Nippon Renews Iran Crude Contracts
JX Nippon Oil & Energy Corp, one of Japan's biggest lifters of Iranian crude, has renewed its annual term oil purchase volumes from Tehran for 2016, senior company officials said on Tuesday. JX Nippon Oil, a core unit of JX Holdings, kept its volume "unchanged" in the new term contract starting this month, one of the officials said. Sources have said JX had a contract to buy 53,000 barrels per day (bpd) of Iranian crude in 2015.
October Mideast Crude Trading at Discount
October-loading Middle East crude cargoes have kicked off trading at discounts to their respective price markers as demand in Asia remained soft, traders said on Monday. Asia's appetite for spot crude stayed low for a second month as refiners have cut output on weak margins and are drawing down crude stocks bought in previous months instead of buying fresh supplies. A narrowing in Brent's premium against Dubai also encouraged refiners to buy more oil priced on the global benchmark…
Japan Refineries May See Margin Recovery
Margins hit six-month low in July; return to profit after heavy losses. Oil refining margins at Japanese refiners are likely to rise from a six-month low in July, as the decline in oil prices is expected to slow amid a seasonal recovery in demand for products, industry sources and executives said. The nearly $10 dive in global oil prices last month sent pot product prices sharply lower while costs for refiners were little changed, squeezing margins.
Astomos Energy Buying U.S. LPG
Japan's Astomos Energy Corp said on Tuesday it had signed a three-year contract to buy U.S. shale-derived liquefied petroleum gas (LPG) from Texas-based Targa Resources Corp. The company will buy a total 800,000 tonnes of LPG in the three years starting in the second half of 2017, the company, a joint venture of Idemitsu Kosan and Mitsubishi Corp , said in a statement. The latest deal is in addition to a previous deal to buy a total 5 million tonnes of U.S.
