Quotes: 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

 


Arab Times




  MENA News Headlines
 Dec 27 2014 - Qatar A team clinches 16th GCC Volleyball Championship titleThe Peninsula
(MENAFN - The Peninsula) The winning Qatar A team's players pose for a group photo along with the officials after defeating Bahrain A team in the final of 16th GCC Beach Volleyball Championship at ...

 Dec 27 2014 - Bahrain- Anti-govt protestThe Peninsula
(MENAFN - The Peninsula) Shia protesters in Bahrain hold up national flag as they take part in an anti-government demonstration in the village of Jannusan, west of capital Manama, yesterday. The ...

 Dec 27 2014 - Jordan denies IS shot down its warplaneThe Peninsula
(MENAFN - The Peninsula) Jordan's military yesterday denied claims by the Islamic State group to have shot down one of its warplanes which crashed in Syria, after the pilot was captured by the ...

 Dec 27 2014 - Yemen- Protest in Sana'aThe Peninsula
(MENAFN - The Peninsula) People demonstrate against the deployment of armed militia of the Shia Houthi movement in Sana'a yesterday. ...

 Dec 27 2014 - Qatar- Gold loses sheen, to end 2014 on flat noteThe Peninsula
(MENAFN - The Peninsula) Gold has lost its sheen this year and is all set to end 2014 on a flat note, leaving investors disappointed. Prices are hovering around the same level seen at the beginning ...

 Dec 27 2014 - Qatar to host 19th meeting of GCC Environment MinistersThe Peninsula
(MENAFN - The Peninsula) Qatar has taken part in the 18th session of GCC ministers in charge of the environment in Kuwait.The Minister of Environment H E Ahmed Amer Mohamed Al Humaidi led Qatar's ...

 Dec 27 2014 - Qatar- Ministry discovers illegal winter camp in Al ShamalThe Peninsula
(MENAFN - The Peninsula) The Environment Protection Department at the Ministry of Environment has discovered a winter camp in Al Shamal which was established without permission, Arraya has reported, ...

 Dec 27 2014 - Qatar- Vegetables become cheaper despite growing demandThe Peninsula
(MENAFN - The Peninsula) Demand for fresh vegetables and fruits sold at the central market is going up, thanks to the rising population, but a welcome development has been that compared to last year ...

 Dec 26 2014 - Russia hopes to host Syria talks in JanuaryThe Peninsula
(MENAFN - The Peninsula)  -Russia plans to host delegations from the Syrian opposition in late January, possibly followed by a visit by regime representatives that could bring the two sides together ...

 Dec 26 2014 - Lebanon's Hezbollah detains 'Israeli spy' in its ranksThe Peninsula
(MENAFN - The Peninsula)  Lebanon's Hezbollah has detained a senior party official it accused of spying for Israel and "sabotaging security operations" abroad, a source close to the movement said on ...

more...


 






Google

Click to Apply

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help