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Asia Pulse: SHOWA SHELL, MITSUI OIL TO SUPPLY PETROLEUM TO JAPAN ENERGY

Mar 29, 2006
TOKYO, March 29 Asia Pulse – Japan Energy Corp. has inked agreements with Showa Shell Sekiyu KK (TSE:5002) and Mitsui Oil Co. to procure 500,000 kiloliters of petroleum products annually from each beginning in April.
Through fiscal 2005, Japan Energy purchased about 4.5 million kiloliters of petroleum products annually from Fuji Oil Co.'s (TSE:2607) Sodegaura refinery in Chiba Prefecture. But having dissolved its capital relationship with AOC Holdings Inc. (TSE:5017), for which Fuji Oil was the refinery unit, the decision was made to reduce procurement to around 1.5 million kiloliters a year starting in fiscal 2006.
Japan Energy plans to make up half of this 3-million-kiloliter shortfall by boosting capacity utilization at two of its affiliated refineries. The remainder will be offset by the new supply agreements with the two wholesalers as well as short-term contracts with a number of trading firms.
(Nikkei)

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