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First of Kuwait Crude Donation Due in Japan

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

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.

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


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