Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Japan's Top Refiner JX Eyes Greater Business With Kuwait  Join our daily free Newsletter

MENAFN - Arab Times - 06/02/2014

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Arab Times) Japan's biggest refiner seeks continuous and stable flow of energy from Kuwait and greater cooperation with its oil companies, including naphtha trading, a top company official said on Wednesday. "Kuwait has long been a reliable petroleum supplier to Japan. I hope the country will maintain the contribution to stable and flexible supply of oil for the Japanese people, which is a goal that our company aims to achieve," Chairman of JX Holdings Inc. and its downstream unit JX Nippon Oil and Energy Corp. Yasushi Kimurasaid told KUNA in interview. "Moreover, we wish to chase the opportunities to materialize naphtha imports as petrochemical feedstock are expected to grow after we convert the 180,000 barrels-per-day (bpd) Muroran refinery into a petrochemical plant," he noted.

JX plans to stop a crude oil distillation unit of the Muroran refinery in northern Japan in March 2014 as part of efforts to reduce excess oil refining capacity, and convert it into a petrochemical plant from June 2014. Some of its petrochemical products are going to be used for a newly-established paraxylene joint venture in South Korea that will go on-stream this year. Kimura also expressed hope that JX and state-owned Kuwait Petroleum Corporation (KPC) and its subsidiaries will enhance business ties beyond mid- and long-term oil trading. Noting that his company is teaming up with Kuwait Foreign Petroleum Exploration Company (KUFPEC) in oil and gas development projects in northwest Australia, Kimura said JX is keen on promoting future joint projects with Kuwait in Australia and elsewhere.

ccording to Kimura, JX and KUFPEC began commercial oil production at the Finucane South offshore oilfield in May 2013 with output at 12,000-13,000 bpd. JX Nippon has a 25 percent stake in the concession, while KUPEC's Australian unit and the project operator Santos of Australia evenly own 37.5 percent. Moreover, production period of the adjoining Mutineer-Exeter oilfields, also jointly owned by JX, KUFPEC and Santos, is expected to be longer than initially estimated, Kimura said. "Furthermore, the joint venture will start exploratory drilling this area in the near future, and I think there is great potential to discover enough oil reserves. The development projects at the Finucane South and Mutineer-Exeter oilfields are considered as JX's operating base in Australia. With the Australian projects as a start, we hope to build stronger partnerships than ever with Kuwait," the chairman said.

JX has the country's largest oil refining capacity and the top share of fuel sales. Asked about the impact on oil trading with Kuwait from Japan's declining petroleum demand chiefly due to the falling birth rate, the aging population, and energy-saving technologies, Kimura responded, "It is inevitable that oil demand in Japan will continue to decline. Taking this into account, our company should construct a rational and efficient production system." JX reduced the total refining capacity at its eight refineries across the country from 1.8 million bpd to 1.4 million bpd by October 2010. With the stopping of a crude oil distillation unit of the Muroran refinery in March 2014, JX's total refining capacity will further fall to 1.2 million bpd.

"JX's demand for oil is expected to gradually shrink, but there will be fluctuations in demand, and I'd like to ask the Kuwaiti side to ensure stable and flexible oil supply, while sharing various information and strengthening ties," he said. The chairman also touched on the need for the assessment of the effects of the 2013 Fukushima nuclear accident following the devastating earthquake and tsunami. Japan has increased its imports of fossil fuels as all 50 of the country's nuclear reactors are currently offline.
Meanwhile, Kimura said JX is currently participating in the joint study "Feasibility Study for Treatment and Effective Usage of High Salinity Oilfield Produced Water (Kuwait)" being conducted by Japan Cooperation Center, Petroleum and Kuwait Institute of Scientific Research (KISR) for the fiscal year 2013.

The Tokyo-based Arabian Oil Company (AOC) was the participant of this study for the fiscal year 2012, and JX Nippon succeeded AOC's role for this fiscal year. In addition, JX started training programs for operating staff of Kuwait's refineries. Last June, 13 people from Kuwait National Petroleum Company (KNPC) took the course in Tokyo and Niigata to learn Japan's technology, according to Kimura. "We wish to have opportunities to provide Kuwait with development technology." Kimura, who also serves as President of Japan's Petroleum Association and Chairman of the Japan Business Federation's Committee on the Middle East and North Africa, highlighted Japanese firms' keenness to offer cooperation in various areas. "Kuwait's diversification and sophistication of domestic industry would become a pivotal issue for Kuwait itself. JX and other Japanese firms are willing to contribute to the national development of Kuwait in many fields, such as infrastructure-building and renewable energy, in which we have cutting-edge technologies. The Japanese side can present a list of ideas and information in which Kuwait would have an interest and pick up," he said.

Kimura is scheduled to visit Kuwait early February as part of his effort to build relations of trust and to continuously exchange information with Kuwaiti officials. "I will explain the oil situation in Japan and government's basic energy plan in order to give them a better understanding of Japan's situation, which will help facilitate smooth business between the two sides. I believe the people in Japan and the Middle East share the same thought that highly values face-to-face communication, and creating such relations will lead to the development of future business with Kuwait." Kimura last visited Kuwait in August accompanying Prime Minister Shinzo Abe. He also plays a key role in deepening the relations of friendship and mutual understanding between the two countries as the chairman of the Japan-Kuwait Society.

 






  MENA News Headlines
Apr 23 2014Omantel launches service package for youth ,MENAFN
(MENAFN) Omantel announced launching 'Ozone' plan, a new package designed especially for the youth. This comes with the company"s constant efforts to enhance the communication needs of its customers, ...

Apr 23 2014Dh154 billion for Arabtec projects ,Khaleej Times
(MENAFN - Khaleej Times) Arabtec will spend dh140 billion on building one million low-cost houses in egypt and dh14 billion on five mixed-use residential projects in abu dhabi and dubai its chief ...

Apr 23 2014?Titli? makers excited about Cannes selection ,Khaleej Times
(MENAFN - Khaleej Times) The movie about the badlands of delhi?s dystopic underbelly will be in competition as part of the un certain regard section of the 67th cannes film gala to be held may ...

Apr 23 2014Saudi- Yaroub Bashraheel: In search of peace ... underwater ,Arab News
(MENAFN - Arab News) You've heard of diving snorkeling and other water activities but rarely has anyone heard of free-diving. it's a form of diving underwater without the aid of any breathing ...

Apr 23 2014Saudi- Schneider highlights intelligent health care solutions at forum ,Arab News
(MENAFN - Arab News) Schneider electric a global specialist in energy management is set to showcase its leadership in intelligent health care solutions at the second saudi forum for planning and ...

Apr 23 2014Saudi- Divorcees can seek housing ,Arab News
(MENAFN - Arab News) The kingdom will accept applications from saudi divorced women and widows for financial and housing support said justice minister muhammad al-issa.al-issa called on applicants ...

Apr 23 2014Saudi- New passport office opens at Red Sea Mall ,Arab News
(MENAFN - Arab News) The passport department has opened a new office for citizens and residents at the red sea mall.gen. abdul rahman bin abdullah al-tuwairki deputy director general of the ...

Apr 23 2014Saudi Savola Group revenue up 43 pct in Q1 ,MENAFN
(MENAFN) Saudi Arabia's Savola Group registered a 43 percent increase in profits in the first quarter, well over expectations of analysts, Arabian Business reported. According to a statement to ...

Apr 23 2014Tamouh steps up activity on projects ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi-based real-estate developer tamouh has scaled up construction activity on all of its announced reem island projects to meet the rising demand for prime spaces in ...

Apr 23 2014Here?s your chance to share screen space with SRK ,Khaleej Times
(MENAFN - Khaleej Times) Groupon india has joined hands with srk?s red chillies entertainment to give fans a chance to feature with the superstar in his upcoming film ?happy new year?. if you ...

Apr 23 2014Dewa and GE explore collaboration opportunities ,Khaleej Times
(MENAFN - Khaleej Times) Saeed mohammed al tayer managing director and chief executive officer of the dubai electricity and water authority (dewa) recently received a ge delegation to explore ...

Apr 23 2014Local international companies come out in force ,Khaleej Times
(MENAFN - Khaleej Times) Cityscape abu dhabi has started showing stronger interest from property developers who have showcased their upcoming projects. the three-day realty show was opened by ...

Apr 23 2014Saudi- Noha Al-Sharif — an expert in Islamic sculpture ,Arab News
(MENAFN - Arab News) Saudi sculptress noha al-sharif is known for her islamic inspired sculptures that reflect both religion and lifestyle. the concept of modern art attracted her to this medium ...

Apr 23 2014Kowait- Police deportation powers curbed ,Arab Times
(MENAFN - Arab Times) Kuwait city april 3 (afp): kuwaiti police will no longer be able to deport expatriates without interior ministry approval under new rules published thursday after officers ...

Apr 23 2014Kowait- Amiri Diwan urges all off tape case ,Arab Times
(MENAFN - Arab Times)  kuwait city april 9 (agencies): the amiri diwan has called on everybody to steer clear of the controversial tape issue and let the public prosecution take the necessary ...

Apr 23 2014Kowait- New hospital to be ready by 2014 end ,Arab Times
(MENAFN - Arab Times) Kuwait city jan 14 (kuna): director of the 'mega projects 3' group at kuwait oil company (koc) yaqoub dashti said on tuesday that the new ahmadi hospital would be ready to ...

Apr 23 2014Seven tied for the lead in chess championships ,Khaleej Times
(MENAFN - Khaleej Times) Former champion sukandar grabs lead of asian continental women?s chess. former asian women’s champion wgm irene sukandar of indonesia (left) beat wim ni shiqun ...

Apr 23 2014Two suspects held for robbing pedestrians in Sharjah ,Khaleej Times
(MENAFN - Khaleej Times) The sharjah police on tuesday arrested two stateless citizens for allegedly robbing many persons posing as criminal investigation department (cid) officers. the suspects ...

Apr 23 2014Saudi- ASUS showcases product series at Aramco Week ,Arab News
(MENAFN - Arab News) Asus described as the world's renowned consumer notebook vendor and producer of the 'world's best-selling motherboards" recently participated in aramco week and showcased a ...

Apr 23 2014Saudi- Five to die for 2003 attacks ,Arab News
(MENAFN - Arab News) A special criminal court on sunday convicted five people of terror related charges and sentenced them to death. thirty-seven others were sentenced to varying prison terms for ...

more...


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help