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Japan Energy Begins Shipping Diesel Oil to China Under 1-Yr Accord

Posted on: Monday, 11 July 2005, 12:01 CDT

Jul. 11--TOKYO -- Japan Energy Corp. said Monday it has begun shipping diesel oil to China United Petroleum Corp. under a one-year contract effective through next March.

Japan Energy is the first Japanese oil distributor to export diesel oil to a major Chinese oil company under a long-term contract, the Tokyo-based company said.

The contract calls for Japan Energy to supply 140,000 kiloliters of diesel oil, equal to about half of the shipments from Japan to China in fiscal 2004.

Japan Energy concluded the deal, valued at an estimated 6.5 billion yen, amid growing demand for diesel oil in China while domestic sales are on the decline.

Among other major Japanese oil companies, Nippon Oil Corp. has already won an order to refine gasoline and diesel oil on behalf of China United Petroleum, a group company of China National Petroleum Corp.

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Source: Kyodo News International, Tokyo

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