Gulf Oil and Gas accountACCOUNT

First of Kuwait Crude Donation Due in Japan

Source: Reuters 10/5/2011, Location: Middle East

Share |
The first batch of 5 million barrels of crude oil donated by Kuwait to Japan after it was hit by the March 11 earthquake and tsunami will arrive at JX Holdings' Negishi refinery near Tokyo next week, a trade ministry official said. In April, Kuwait's then oil minister Sheikh Ahmad al-Abdullah al-Sabah committed the free barrels, worth $388 million using the U.S. crude price CLc1 of $77.64 a barrel, to Japan on the orders of the emir.

Since the quake Japan's demand for low-sulphur fuel oil has risen sharply to make up for less power supplied by nuclear plants following the radiation crisis in Fukushima. Only 10 of Japan's 54 reactors are still operation, with public worries about safety preventing those shut for routine maintenance from being restarted. Traders see robust demand for gas oil, used in reconstruction.

Two crude tankers chartered by JX and carrying 1.5 million barrels of donated crude, in addition to barrels bought under a long-term contract, will first call at the firm's Kiire oil reserve base in Kagoshima, southwest Japan, the official said. Then a tanker carrying at least several hundred thousand barrels of the free crude will arrive at Negishi refinery around Oct. 11-12, the official said. All the donated oil will arrive in Japan by the end of December, the official said, adding that it will be delivered to all four Japanese buyers of Kuwait crude under long-term contracts JX, Showa Shell Sekiyu , Idemitsu Kosan and Cosmo Oil Co. The refiners will send money to the value of the free oil to the Red Cross to be used for quake victims, the official said.

Financials and Investment News in Kuwait >>

Iran >>  5/21/2018 - Climate Action and Energy Commissioner Miguel Arias Ca?ete met Iranian Minister of Petroleum Bijan Zangeneh in his Tehran office on Saturday in a bid ...
Iran >>  5/20/2018 - Iranian Oil Minister Bijan Zanganeh says Tehranís oil exports to remain unchanged if the Iran nuclear deal is salvaged by the EU following the US with...

Norway >>  5/18/2018 - DNO ASA, the Norwegian oil and gas operator, has completed the private placement of USD 400 million of new, five-year senior unsecured bonds to be iss...
Egypt >>  5/14/2018 - Governor of Egypt's Central Bank Tarek Amer said that the country is expected to make an $850 million payment on its debts to foreign oil companies. ...

Bahrain >>  5/10/2018 - Bahrainís government has launched an energy fund that aims to raise $1 billion from local, regional and international investors to develop the kingdom...
Iran >>  5/9/2018 - The U.S. President Trump abandoned a nuclear deal with Iran that was agreed in late 2015, raising the risk of conflict in the Middle East and casting ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Kuwait Oil & Gas 1 >>  2 | 3 | 4 | 5 |

More News

 

Oil & Gas Companies in Kuwait >>


Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.