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Asia Pulse: JAPAN’S SHOWA SHELL TO ACQUIRE MORE PETROLEUM FROM FUJI OIL

Published: Oct 18, 2006

TOKYO, Oct 18 Asia Pulse – Showa Shell Sekiyu KK (TSE:5002) has announced a plan to increase the volume of petroleum products that it procures from Fuji Oil Co.’s Sodegaura refinery as of fiscal 2007.

Showa Shell will most likely raise the volume to an annual 4.2 million kiloliters, about 40 per cent greater that the current volume it obtains from Fuji Oil, a unit of AOC Holdings Inc. (TSE:5017).

Showa Shell will strengthen its partnership with Fuji Oil, with which it began full-scale transactions this year, and improve product supply capacity in the Tokyo area. The company plans to boost sales volume of products including gasoline.

In November 2005, Showa Shell acquired a 6.6 per cent stake in AOC Holdings, becoming that firm’s fourth-largest shareholder.

Until last year, Japan Energy Corp. procured a majority of Fuji Oil’s output. But in the current fiscal year, Showa Shell surpassed Japan Energy, obtaining 3 million kiloliters to Japan Energy’s 1.5 million kiloliters. If Showa Shell increases its share, Japan Energy’s share may decline.

Fuji Oil produces about 8 million kiloliters of petroleum products annually.

(Nikkei)

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