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Showa Shell Shares Gain Most in 4 Months on Solar-Plant Report

Bloomberg

 

 

Showa Shell Shares Gain Most in 4 Months on Solar-Plant Report 

By Megumi Yamanaka

July 2 (Bloomberg) — Showa Shell Sekiyu K.K., the Japanese unit of Royal Dutch Shell Plc, gained the most in four months in Tokyo trading after a report said it will build a solar-panel plant at a cost of more than 100 billion-yen ($944 million).

The stock climbed as much as 6.8 percent to 1,259 in Tokyo, the biggest gain since Feb. 15. It traded at 1,218 yen at 9:41 a.m. local time. Ulvac Inc., which will help develop technology for the project according to the report, rose as much as 7.2 percent to 4,030 yen, the biggest gain since June 23. It traded at 3,940 yen at 9:54 a.m.

The Tokyo-based refiner is studying sites in Japan, Europe or the Middle East, with construction to begin in 2011, the report in the Nikkei newspaper said. Showa Shell said in a statement to the Tokyo Stock Exchange today that it hasn’t yet decided whether it will build the plant.

The factory will produce solar cells using metallic compounds to avoid the higher cost of silicon used in standard cells, the report said. Showa Shell will team up with Ulvac, a maker of vacuum devices based in Kanagawa prefecture near Tokyo, to develop the cheaper technology, the report said.

To contact the reporter on the story: Megumi Yamanaka in Tokyo at[email protected].

Last Updated: July 1, 2008 21:30 EDT

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