Japanese Companies Pool LPG Sectors

Japanese Companies Pool LPG Sectors

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.

 

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

5th Mozambique Gas Summit & Exhibition

CWC Group in partnership with ENH and with the support and participation from MIREME and INP…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

Offshore Energy Exhibition & Conference (OEEC)

It is unique in bringing together the oil and gas, offshore wind and marine energy industry…

read more >

Seatrade Maritime Middle East

The three days will include a thought-provoking, educational conference programme…

read more >