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 >>

Iraq >>  2/15/2018 - Genel Energy plc has announces that the Taq Taq partners have received a gross payment of US$11.05 million from the Kurdistan Regional Government ('KR...
United Kingdom >>  2/9/2018 - Angus Energy , a conventional oil and gas production and development company, has successfully raised £2.0 million (gross) by means of a private place...

Ghana >>  2/6/2018 - Kosmos Energy has refinanced its reserve based lending (RBL) facility. The RBL facility, which previously incorporated only the company’s Ghana assets...
Egypt >>  2/1/2018 - International Islamic Trade Finance Corporation this week opened a credit line worth $400 million for Egypt to buy petroleum products in a last tranch...

Kuwait >>  2/1/2018 - Kuwait’s $508 billion energy spending plan and the prospect for juicy profits from financing it is grabbing the attention of some of the nation’s bank...
United Kingdom >>  1/31/2018 - Following the completion of the acquisition of an initial 25% interest in the Magnus oil field on 1 December 2017, EnQuest has announced it has agreed...

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.