Four Japanese companies have joined up to form a new liquefied petroleum gas (LPG) importer, dubbed Gyxis Corporation, with the start of effective operations set for April 1.
Cosmo Oil, Showa Shell, Sumitomo Corporation, and TonenGeneral have established the new company on the back of the last year’s agreement to integrate their LPG import and wholesale businesses, and the subsequent conclusion of an absorption-type spin-off agreement signed in December 2014.
The company’s business will comprise of manufacture, storage, transport, sale and import/export of LPG, operated through eleven terminals in total.
Gyxis expects to accumulate JPY 450 billion (USD 3.72bn) in annual revenues through the sale of 3.7 million tons of LPG domestically and 1 million tons in annual overseas trading volumes. 2.8 million tons of LPG will be imported.
”The name Gyxis is a combination of the words ‘gas’ and ‘Pyxis’ (a constellation that represents a mariner’s compass), which expresses our intent to be a company that is firmly oriented toward the future of the LP gas business,” the companies said in a release.