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Jiji Press (Japan): Showa Shell to Transfer Int’l Trading Biz to Royal Dutch Shell

Published: Jul 25, 2007

Tokyo, July 25 (Jiji Press)–Japanese oil distributor Showa Shell Sekiyu K.K. said Wednesday it will transfer its international trading operations to its top shareholder, Royal Dutch Shell PLC, on Aug. 1.

To be integrated into Royal Dutch Shell’s global trading network are Showa Shell’s international trading operations in oil products, including gasoline, kerosene and jet fuel, and chemical feedstocks, including naphtha and condensate.

The operations will be subject to a business lease, with Showa Shell to receive lease fees from the parent.

In the latest business year that ended in March, Showa Shell reported sales of 373.8 billion yen from the operations, which accounted for 13 pct of its unconsolidated sales.

The transfer is expected to cut Showa Shell’s sales by 10 pct in the next fiscal year to March 2009 and beyond, the company said. But it said that its profits will be little affected because of leasing payments it will receive from Royal Dutch Shell.

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