DOCSLIB.ORG

Integrated Report 2020 Integrated Resilience

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Integrated Report 2020 Integrated Resilience PETRONAS CHEMICALS GROUP BERHAD CHEMICALS GROUP PETRONAS 199801003704 (459830-K) www.petronaschemicals.com Integrated Report 2020 Report Integrated PETRONAS Chemicals Group Berhad Tower 1, PETRONAS Twin Towers Kuala Lumpur City Centre 50088 Kuala Lumpur, Malaysia Tel : +603 2051 5000 Fax : +603 2051 3888 RESILIENCE. SUSTAINABLE GROWTH. PETRONAS CHEMICALS GROUP BERHAD INTEGRATED REPORT 2020 Dear Stakeholders, We are glad to present to you our Integrated Report 2020. As a leading integrated chemicals producer in Malaysia, at PETRONAS Chemicals Group Berhad, we continue to demonstrate our ability to create value for you. During the reporting year, with our strong fundamentals; market presence in over 30 countries; vast industry experience; operational and commercial excellence; we remained resilient and committed to sustainable growth. WELCOME TO OUR INTEGRATED REPORT 2020 ABOUT THIS REPORT INTEGRATED REPORTING APPROACH As one of the largest companies on Bursa Malaysia Securities Berhad (Bursa Malaysia) by market capitalisation, our operations impact a network of diverse stakeholders. We strive to continuously deliver a coherent, transparent and credible assessment of our performance to these stakeholders. This is demonstrated in the PETRONAS Chemicals Group Berhad (PCG or the Group) Integrated Report 2020, in which we present our ability to utilise various capitals to create sustainable value to all stakeholders. 1 SCOPE AND BOUNDARY 4 MATERIALITY This Integrated Report (IR) covers the reporting period of 1 January The information presented in this report addresses matters that 2020 to 31 December 2020, unless otherwise stated. Information are most material to our business and stakeholder value. We presented relates to the activities of the Group comprising our identify, prioritise and validate our material matters via a four-step subsidiaries, joint operation, joint ventures and associates. Subsidiaries materiality assessment. included are based on the Malaysian Financial Reporting Standards (MFRS) 10 Consolidated Financial Statements. 5 FORWARD-LOOKING STATEMENTS 2 REPORTING FRAMEWORK This report contains certain forward-looking statements relating to future performance. These statements and forecasts are based Our reporting process is guided by the International Integrated on current assumptions and circumstances, which could change, Reporting Framework (IIRF) of the International Integrated Reporting hence involve uncertainty. Various factors could cause actual results Council (IIRC) as well as the Main Market Listing Requirements to differ materially from those expressed or implied by these (MMLR) of Bursa Malaysia, the Corporate Governance Guide forward-looking statements. (3rd Edition) issued by Bursa Malaysia, the Companies Act 2016 (CA 2016) and the Malaysian Code on Corporate Governance (MCCG 2017). 6 BOARD RESPONSIBILITY STATEMENT The Board of Directors (Board) acknowledges its responsibility 3 INDEPENDENT COMBINED ASSURANCE STATEMENT in ensuring the integrity of this Integrated Report, which in the Board’s opinion addresses all the issues that are material The credibility of this report is supported by strong governance to the Group’s ability to create value and fairly presents the practices. Assurance for this report is provided by our Board of integrated performance of PCG Group. This report has been Directors (Board), supported by external verification by KPMG PLT, prepared in accordance with the IIRC <IR> Framework. This our auditors for financial information and providers of limited report was approved by the Board on 23 February 2021. assurance on selected non-financial information. Read more on pages 164-165 for the Non-financial Assurance Report Datuk Md Arif Mahmood Datuk Sazali Hamzah Read more on pages 146-149 for the Independent Auditors’ Report Chairman Managing Director/ Chief Executive Officer NAVIGATION ICONS Our Capitals Material Matters Our Strategic Thrusts Innovation & Product Operational Financial Capital Cost Management Cybersecurity Stewardship Excellence Customer Relationship Supply Chain Manufactured Capital Price Volatility Commercial Management Management Excellence GHG Emissions & Climate Human Rights & Fair Market Growth Delivery Intellectual Capital Adaptation Employment Volatility Excellence Environmental Corporate Human Capital Talent Development Stewardship Governance Social & Relationship New Plastics Community Asset Reliability Capital Economy (NPE) Engagement Workplace and Occupational Natural Capital Safety & Health (OSH) Futher details of PETRONAS Chemicals Group Berhad can be found on www.petronaschemicals.com OUR REPORTING SUITE PCG is a global integrated chemicals company with a strong network of stakeholder relationships. These stakeholders are important to us, and to strengthen the trust they have in PCG, we seek to provide clarity on our business direction, strategies and performance while articulating our business and material risks. This IR has been produced to satisfy that purpose. It provides a holistic and material assessment of our ability to create value in the short, medium and long-term. INTEGRATED REPORT (IR) 2020 GOVERNANCE AND FINANCIAL SUSTAINABILITY REPORT (SR) 2020 REPORTS (GFR) 2020 PCG’s IR has been produced with the primary PCG’s GFR presents detailed reporting of PCG’s Sustainability Report provides a clear objective of providing our stakeholders a Corporate Governance Statements, including assessment of the Environmental, Social and comprehensive overview and a balanced expanded information of our Corporate Governance (ESG) impact. The report assessment of our financial and non-financial Governance Overview Statement, Nomination demonstrates our commitment to creating performance. and Remuneration Committee Report, Board sustainable and responsible value that Audit Committee Report, Board Risk Committee contributes to People, Planet and Profit. Reading the report, our stakeholders are Report and Statement on Risk Management informed of our strategy, businesses and Reporting Framework: and Internal Control. Our GFR also includes performance, our approach to governance and our Audited Financial Statements consisting of • Global Reporting Initiative (GRI) Standards risks as well as our future goals. The report Directors’ Report, Audited Financial Statements (Core) demonstrates our accountability and strengthens and our Independent Auditors’ Report. The • MMLR issued by Bursa Malaysia on the trust of our stakeholders. GFR provides detailed governance and financial Sustainability Reporting Reporting Framework: disclosures to our shareholders, investors, • FTSE4Good Bursa Malaysia Index’s Environmental, Social and Governance (ESG) • MCCG 2017 issued by Securities Commission analysts and other interested parties. indicators Malaysia Reporting Framework: • International Petroleum Industry • MMLR issued by Bursa Malaysia • MCCG 2017 issued by Securities Commission Environmental Conservation Associations’ • IIRF issued by the IIRC Malaysia (IPIECA) Oil and Gas Industry Guidance on • CA 2016 • Corporate Governance Guide (3rd Edition) Voluntary Sustainability Reporting • MFRS issued by Bursa Malaysia • Dow Jones Sustainability Index (DJSI) • International Financial Reporting Standards • MMLR issued by Bursa Malaysia • The United Nations Sustainable Development (IFRS) • CA 2016 Goals (UN SDGs) • MFRS • IFRS Key Stakeholder Groups Key Risks Health, Safety and Employees Communities H CR Corruption Risk (New) Environment Risk Strategic Customers Media S M Market Risk Investment Risk Sustainable Suppliers & Vendors P Project Execution Risk O Operational Risk Development Goals (SDGs) Business Partners CY Cybersecurity Risk (New) F Feedstock Risk Shareholders & W War on Plastics Risk (New) R Regulatory Risk Investment Community Government & Regulators CO COVID-19 Risk (New) T Talent Risk The coloured goals represent PCG's priority SDGs. Inside This Report PC Methanol, Labuan ABOUT THIS REPORT 70-127 2 Integrated Reporting Approach 3 Our Reporting Suite MANAGEMENT DISCUSSION AND ANALYSIS Strategic Review 6-25 70 Operating Environment and Outlook 74 Material Matters OVERVIEW OF PCG 81 Risk Overview – Key Risks & Mitigation 6 Vision & Shared Values 89 Our Strategy 7 Who We Are 90 Strategic Performance 8 2020 Key Highlights 92 Growth Delivery Excellence 10 Awards and Recognitions 12 Group Structure Business Review 14 What We Do 16 Our Presence 98 Manufacturing 18 Integrated Product Value Chain 102 Commercial 20 Our Strengths 22 Index Representation & Strategic Alliances Financial Review 24 Key Milestones 108 Group Financial Results and Position 110 Analysis on Financial Results 112 Analysis on Financial Position 115 Cash Flow Analysis 116 Five-year Group Financial Summary 1 117 Five-year Group Financial Highlights 118 Five-year Group Financial Analysis 119 Group Quarterly Performance 120 Statement of Value Added and Value Distributed 28-47 121 Share Price Movement 123 Investor Relations KEY MESSAGES 127 Financial Calendar 30 Chairman’s Statement 4 34 MD/CEO’s Review 42 CFO’s Review 130-153 LEADERSHIP 130 Corporate Information 131 Board Composition 132 Board of Directors’ Profile 2 136 Management Committee Profile 142 Organisation Structure 143 Leading the Way for Value Creation 50-67 Through Good Governance 5 VALUE CREATION 50 How We Create Value 154-174 – An Integrated Approach to Value Creation 52 Our Business Model ADDITIONAL INFORMATION 53 Performance by Capitals 60 Stakeholder Engagement 154 List of Properties 64 Value We Create 159 Analysis of Shareholdings 162
Load more

Recommended publications
  • Middle East Oil Pricing Systems in Flux Introduction
    May 2021: ISSUE 128 MIDDLE EAST OIL PRICING SYSTEMS IN FLUX INTRODUCTION ........................................................................................................................................................................ 2 THE GULF/ASIA BENCHMARKS: SETTING THE SCENE...................................................................................................... 5 Adi Imsirovic THE SHIFT IN CRUDE AND PRODUCT FLOWS ..................................................................................................................... 8 Reid l'Anson and Kevin Wright THE DUBAI BENCHMARK: EVOLUTION AND RESILIENCE ............................................................................................... 12 Dave Ernsberger MIDDLE EAST AND ASIA OIL PRICING—BENCHMARKS AND TRADING OPPORTUNITIES......................................... 15 Paul Young THE PROSPECTS OF MURBAN AS A BENCHMARK .......................................................................................................... 18 Michael Wittner IFAD: A LURCHING START IN A SANDY ROAD .................................................................................................................. 22 Jorge Montepeque THE SECOND SPLIT: BASRAH MEDIUM AND THE CHALLENGE OF IRAQI CRUDE QUALITY...................................... 29 Ahmed Mehdi CHINA’S SHANGHAI INE CRUDE FUTURES: HAPPY ACCIDENT VERSUS OVERDESIGN ............................................. 33 Tom Reed FUJAIRAH’S RISE TO PROMINENCE ..................................................................................................................................
    [Show full text]
  • Article the 90-Year Evolution of Japan's Academic Interest in Iran
    Article 29 The 90-year Evolution of Japan’s Academic Interest in Iran Keiko Sakurai Professor, Faculty of International Research and Education, Waseda University Director, Organization for Islamic Area Studies, Waseda University I. Introduction War II broke out. Despite Iran’s declared neutrality, Britain and the Soviet Union jointly invaded Iran in 1929 1941 marked the beginning of official diplomatic , believing Rez‥ā Shāh to have closer ties to the relations between Japan and Iran. The countries signed Axis powers, particularly Germany. Iran remained a “Japan-Persia Temporary Trade Agreement” that under Anglo-Soviet control until 1946. year, and Japan opened a diplomatic office in Tehran Under the Anglo-Soviet Occupation, Iran broke that August. A Persian diplomatic office was later off relations with Japan in April 1942, and in 1945 opened in Tokyo in July 1930. Diplomatic contacts declared war against the Axis powers, including Japan. between two countries, however, actually started as After the San Francisco Peace Treaty came into effect early as 1878, when Japan’s special envoy to Russia in 1952, diplomatic ties between the countries were Takeaki Enomoto met with Persian monarch Nās4 er al- reestablished in November 1953 and have continued 2 Dīn Shāh in Saint Petersburg. Two years later, Japan uninterrupted since then. sent its first official delegation to Tehran, headed by Iran’s oil boom in 1973 accelerated economic 1 Masaharu Yoshida. Yoshida was granted an audience interactions with Japan. Nonetheless, personal contact with Nās4 er al-Dīn Shāh in 1880, and brought an between Japanese and Iranian citizens was mostly official communiqué back to Japan from the Persian limited to diplomacy and business interactions, with Empire.
    [Show full text]
  • Energy Investments in a Zero-Carbon World
    Investment Management ENERGY INVESTMENTS IN A ZERO-CARBON WORLD The energy sector is controversial. It faces a perfect (usually in the single to low double digits), whereas storm due to the short-term demand shock caused by the iron-ore and copper reserves are often measured in COVID-19 pandemic and the longer-term risk from the decades or even centuries. This means that at current reduction in society’s carbon footprint to combat climate production rates, under all scenarios for future oil change. Considering this uncertainty and the collapse demand, it is impossible for upstream reserves to in valuations in the sector, we are confronted with dual become obsolete due to inadequate demand for oil. scenarios: whether the sector presents an exceptional • With respect to new competitors, US shale has investment opportunity or is destined for obsolescence. We emerged as a powerful new supply source over believe the key questions are: the past few years. But we estimate that US shale 1. What is the risk that energy companies will be left with production requires an oil price of $60 per barrel or material stranded assets in a carbon-neutral world? more to be economical, underscoring the limits as to how much disruption shale can cause. 2. How will the coming energy transition impact the sustainability of energy companies? MULTI-DECADE DEMAND FOR OIL AND GAS This note focuses on the risks and opportunities presented It bears repeating that there is no scenario under by the upcoming transition for the energy sector. We which the demand for oil and gas will disappear in address company-specific issues as part of our research the next few decades.
    [Show full text]
  • Green Hydrogen the Next Transformational Driver of the Utilities Industry
    EQUITY RESEARCH | September 22, 2020 | 9:41PM BST The following is a redacted version of the original report. See inside for details. Green Hydrogen The next transformational driver of the Utilities industry In our Carbonomics report we analysed the major role of clean hydrogen in the transition towards Net Zero. Here we focus on Green hydrogen (“e-Hydrogen”), which is produced when renewable energy powers the electrolysis of water. Green hydrogen looks poised to become a once-in-a-generation opportunity: we estimate it could give rise to a €10 trn addressable market globally by 2050 for the Utilities industry alone. e-Hydrogen could become pivotal to the Utilities (and Energy) industry, with the potential by 2050 to: (i) turn into the largest electricity customer, and double power demand in Europe; (ii) double our already top-of-the-street 2050 renewables capex EU Green Deal Bull Case estimates (tripling annual wind/solar additions); (iii) imply a profound reconfiguration of the gas grid; (iv) solve the issue of seasonal power storage; and (v) provide a second life to conventional thermal power producers thanks to the conversion of gas plants into hydrogen turbines. Alberto Gandolfi Ajay Patel Michele Della Vigna, CFA Mafalda Pombeiro Mathieu Pidoux +44 20 7552-2539 +44 20 7552-1168 +44 20 7552-9383 +44 20 7552-9425 +44 20 7051-4752 alberto.gandolfi@gs.com [email protected] [email protected] [email protected] [email protected] Goldman Sachs International Goldman Sachs International Goldman Sachs International Goldman Sachs International Goldman Sachs International Goldman Sachs does and seeks to do business with companies covered in its research reports.
    [Show full text]
  • Idemitsu Sustainability Report 2019 Independent Practitioner’S Sustainability Environment Social Governance ESG Data Comparative Table Assurance Report 3
    Independent Practitioner’s Sustainability Environment Social Governance ESG Data Comparative Table Assurance Report 2 Management Vision CONTENTS We are an energy co-creation company that values diversity and inclusion, 2 Management Vision, Action Mindset, Contents GOVERNANCE creates new values with customers and stakeholders, and seeks harmony 3 Editorial Policy 49 Message from Outside Directors 4 Message from President 50 Directors, Audit & Supervisory Board Members with the environment and society. 7 Medium-term Management Plan and Executive Officers 10 Review of Operations 52 Corporate Governance 11 Idemitsu Group’s Sustainability 56 Compliance ■ We will deliver various forms of energy and materials in a sustainable manner. 57 Risk Management ENVIRONMENT 59 Intellectual Property ■ We will expand and share our problem-solving capabilities with the world. 15 Environmental Management / Environmental Policy 17 Overview of Environmental Impacts Through Our ESG Data ■ We will grow stronger by anticipating change and responding flexibly. Business Activities 61 Environment 18 Response to Climate Change 70 Social 23 Response to Circular Economy 75 Governance 24 Waste Reduction 76 Environmental Data of Refineries and Complexes Action Mindset 25 Water Management Independence and autonomy 26 Conservation of Biodiversity Comparative Table 27 Land Use Change 78 Comparative Table with GRI Standards We think and act initiatively 28 Management of Chemical Substances and 88 Comparative Table with ISO 26000 Reduction of Hazardous Substances Co-creation
    [Show full text]
  • Notice Regarding Execution of Share Exchange Agreement for Idemitsu Kosan Co., Ltd
    May 11, 2021 Press Release Company Name: Idemitsu Kosan Co.,Ltd. Representative Director & Chief Executive Officer: Shunichi Kito (Company Code: 5019, TSE, First Sect.) Contact person: Munehiro Sekine, General Manager, Investor Relations Office, Treasury Department (TEL: +81-3-3213-9307) Company Name: SDS Biotech K.K. President and Representative Director： Mitsuhiro Sagae (Company Code: 4952, TSE, Second Sect.) Contact person: Toshio Otsuka, Corporate Officer, General Manager, Corporate Service Division (TEL: +81-3-5825-5511) Notice Regarding Execution of Share Exchange Agreement for Idemitsu Kosan Co., Ltd. to Make SDS Biotech K.K. its Wholly-Owned Subsidiary (Simplified Share Exchange) Idemitsu Kosan Co., Ltd. (“Idemitsu Kosan”) and SDS Biotech K.K., a consolidated subsidiary of Idemitsu Kosan (“SDS Biotech”; together with Idemitsu Kosan, the “Companies”), hereby announce that the Companies adopted a resolution at their respective board of directors meetings held today to execute a share exchange for cash consideration through which Idemitsu Kosan will become the wholly-owning parent company in the share exchange and SDS Biotech will become a wholly-owned subsidiary in the share exchange (the “Share Exchange”) and that the Companies entered into a share exchange agreement (the “Share Exchange Agreement”) today, as stated below. The Share Exchange is planned to take effect on August 2, 2021; pursuant to the procedures for a simplified share exchange set forth in the main text of Article 796, paragraph (2) of the Companies Act (Act No. 86 of 2005, as amended; the same applies hereinafter), Idemitsu Kosan will not obtain approval via a resolution of its shareholders meeting, whereas SDS Biotech will obtain the approval of its annual shareholders meeting to be held on June 23, 2021.
    [Show full text]
  • Final Attendee List
    2008 International Lubricants Waxes Attendee List Prefix First Name Last Name Company City State Province Country Mr. Michael Ackerson Process Dynamics, Inc. Fayetteville AR Gabriel Aguirre Hong Chang International Monterrey Mexico Roy Allen Baker Petrolite Sugar Land TX Mr. Giuseppe Ambroggio SER SPA Turin Santena Italy Mr. Bill Anderson Calumet Specialty Products Indianapolis IN Mr. Rajesh Anjaria Raj Petro Specialities P. Ltd. Mumbai India Ing. Carlos Ares YPF S.A. Buenos Aires AR Buenos Aires Argentina Mr. George Arndt ExxonMobil Lubricants and Specialties Fairfax VA Vijay Arora Infineum USA L.P. Linden NJ Mr. Joseph Avolio Shell Canada Ltd. Toronto Ontario Canada Mr. Edward Bailey Nuova Univers SRL Seveso Milan Italy Mr. Justus Ball ConocoPhillips Houston TX Mr. John Banach Calumet Lubricants Chicago IL Ms. Soma Banerjee Sobit International Inc. Carrollton TX Mr Claude Bareel Asteria Brussels Belgium Lindsey Barnes CITGO Petroleum Corporation Houston TX Mr. Williams Barnes PM Group Intl., Inc. Ft. Myers FL Rocco Battagliag Norjohnj Ltd Burlinggton Ontario Canada Mr. Douglas Bea Chevron Global Lubricants San Ramon CA Mr. Chester Beeput National Petroleum Port of Spain Trinidad and Tobago Mr. Jim Borthwick Ergon, Inc Jackson MS Mr Michel Bouillerce-Mirassou TOTAL Lubricants Paris France David Boyes Lubrizol Ltd Derbyshire United Kingdom Arjan Brouwer Kuwait Petroleum International Lubricants Rotterdam Netherlands Dr. Mike Brown SK E&P Company Flemington NJ Mr. Tim Brown American Refining Group Bradford PA James Brunk Solomon Associates Dallas TX Mr. David Bucci Exxon Mobil Corporation Houston TX Mr. Larry Buck Calumet Specialty Products Indianapolis IN Miranda Buckley Shell Lubricants Houston TX Mr. Max Budwick Globalwax LLC Hazlet NJ Mr.
    [Show full text]
  • List of CA100+ Non-Disclosers 142 of 167 CA100+ Target Companies (85%) Have Not Published a Review of Their Alignment with Industry Associations on Climate Change
    List of CA100+ Non-Disclosers 142 of 167 CA100+ target companies (85%) have not published a review of their alignment with industry associations on climate change. A full list is below: • A.P. Moller - Maersk • CEZ, A.S. • Adbri Ltd • China National Offshore Oil Corporation (CNOOC) Limited • AES Corporation • China Petroleum & Chemical • Air France KLM S.A. Corporation (Sinopec) • Air Liquide • China Shenhua Energy • Airbus Group • China Steel Corporation • American Airlines Group Inc. • Coal India • American Electric Power Company, Inc. • Coca-Cola Company • Anhui Conch Cement • Colgate-Palmolive Company • ANTAM (Aneka Tambang) • CRH • Bayer AG • Cummins Inc. • Berkshire Hathaway • Daikin Industries, Ltd. • Bluescope Steel Limited • Daimler AG • BMW • Dangote Cement Plc • Boeing Company • Danone S.A. • Boral Limited • Delta Air Lines, Inc. • Bumi Resources • Devon Energy Corporation • Bunge Limited • Dominion Energy, Inc • Canadian Natural Resources Limited • Dow Inc • Caterpillar Inc. • E.ON SE • CEMEX S.A.B. De C.V. • Ecopetrol Sa • Centrica • EDF List of CA100+ Non-Disclosers 1 • Enbridge Inc. • LafargeHolcim Ltd • ENEL SpA • Lockheed Martin Corporation • ENEOS Holdings • Lukoil OAO • ENGIE • LyondellBasell Industries Cl A • Eni SpA • Marathon Petroleum • Eskom Holdings Soc Limited • Martin Marietta Materials, Inc. • Exelon Corporation • National Grid Plc • Fiat Chrysler Automobiles NV • Naturgy • FirstEnergy Corp. • Nestlé • Formosa Petrochemical • NextEra Energy, Inc. • Fortum Oyj • Nippon Steel Corporation • Gazprom • Nissan Motor Co., Ltd. • General Electric Company • Nornickel (MMC Norilsk Nickel OSJC) • General Motors Company • NRG Energy, Inc. • Grupo Argos • NTPC Ltd • Grupo Mexico • Occidental Petroleum Corporation • Hitachi, Ltd. • Oil & Natural Gas Corporation • Hon Hai Precision Industry • Oil Search • Honda Motor Company • Orica • Iberdrola, S.A.
    [Show full text]
  • The Cosmo Energy Group Is Making a New and Vigorous Step Forward
    COSMO REPORT 2019 About the Cosmo Energy Group Long-Term Vision The Cosmo Energy Group is making a new and vigorous step forward. Enhancing the earnings strength of the petroleum related businesses and growing the renewable energy business into a new main business segment. What have not changed What to be changed Stable supply of energy Growing the renewable “Customer First” mindset energy business into a new Energy-related business domains main business segment Composition of ordinary income (excluding the impact of inventory valuation) Renewable energy Petroleum Others Petroleum Renewable energy and others Petroleum and others (Mainly wind power generation) (Mainly wind power generation) Petrochemical Petrochemical Future FY2018 FY2022 business Consolidated Medium- portfolio Term Management Oil E&P* Plan Image Oil E&P* Oil E&P* Petrochemical * Oil exploration & production 1997 Petroleum 1989 Launched IPP (Independent Power 1986 Asian Oil was merged Producer) operations. into Cosmo Oil. Oil E&P Cosmo Oil was established through Qatar Petroleum tripartite merger of Daikyo Oil, Maruzen Oil, Development and the former Cosmo Oil (Cosmo Refining). was established. 1933 : Maruzen Oil was established. 1939 : Daikyo Oil was established. 1952 : Asian Oil was established. 1968 : Abu Dhabi Oil was established2. 1970 : United Petroleum Development was established. FY 1986 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 1. See pages 41 and 42 on the impact of inventory valuation. 2. Daikyo Oil and Maruzen Oil (Cosmo Energy Group, currently) and Nippon Mining (JXTG Group, currently) made joint investments to establish Abu Dhabi Oil. 3. GC: Global Compact 4. International Petroleum Investment Company (IPIC) merged with Mubadala Development Company (MDC), an energy-related investment management company fully owned by the Emirate of Abu Dhabi, to become Mubadala Investment Company (MIC) at present.
    [Show full text]
  • Energizing the Future
    Corporate Report 2016 [Year ended December 31, 2015] ENERGIZING THE FUTURE Showa Shell Sekiyu K.K. Business Model Business Model Procurement Refi ning Oil Business Gasoline, kerosene, In the oil business, we refi ne imported diesel oil, heavy fuel oil, petrochemicals,emicals, crude oil at our Group refi neries and sell and LPG oil products. Our highly competitive Group refi neries, local contract dealers, and business partners including transportation companies are all playing critical roles to Synergies provide the oil products that customers between assets Management need in a safe and stable manner. Strategies Byproduct fuel Former business facility sites Corporate Procurement Governance Energy Solutions Business Solar Business In the solar business, we produce and sell our proprietary CIS thin-fi lm solar modules. At the same time, we also construct and sell The wholly owned subsidiary Solar Frontier K.K. operates solar power plants that use these modules. the solar business. In the electric power business, we leverage synergies with our other businesses Electric Power Business to construct and operate power stations as well as sell electricity. Allocation of Resources Management Resources and Stakeholders Technologies and expertise Networks of the Shell Manufacturing facilities Business partners Group and Saudi Aramco CONTENTS 2 Our History 20 Business Activities 4 Group CEO Interview 20 Special Feature: 12 Corporate Governance TO THE NEXT GROWTH STAGE 22 Oil Business 28 Energy Solutions Business Customers Export Storagee Sales Oil product
    [Show full text]
  • Climate and Energy Benchmark in Oil and Gas
    Climate and Energy Benchmark in Oil and Gas Total score ACT rating Ranking out of 100 performance, narrative and trend 1 Neste 57.4 / 100 8.1 / 20 B 2 Engie 56.9 / 100 7.9 / 20 B 3 Naturgy Energy 44.8 / 100 6.8 / 20 C 4 Eni 43.6 / 100 7.3 / 20 C 5 bp 42.9 / 100 6.0 / 20 C 6 Total 40.7 / 100 6.1 / 20 C 7 Repsol 38.1 / 100 5.0 / 20 C 8 Equinor 37.9 / 100 4.9 / 20 C 9 Galp Energia 36.4 / 100 4.3 / 20 C 10 Royal Dutch Shell 34.3 / 100 3.4 / 20 C 11 ENEOS Holdings 32.4 / 100 2.6 / 20 C 12 Origin Energy 29.3 / 100 7.3 / 20 D 13 Marathon Petroleum Corporation 24.8 / 100 4.4 / 20 D 14 BHP Group 22.1 / 100 4.3 / 20 D 15 Hellenic Petroleum 20.7 / 100 3.7 / 20 D 15 OMV 20.7 / 100 3.7 / 20 D Total score ACT rating Ranking out of 100 performance, narrative and trend 17 MOL Magyar Olajes Gazipari Nyrt 20.2 / 100 2.5 / 20 D 18 Ampol Limited 18.8 / 100 0.9 / 20 D 19 SK Innovation 18.6 / 100 2.8 / 20 D 19 YPF 18.6 / 100 2.8 / 20 D 21 Compania Espanola de Petroleos SAU (CEPSA) 17.9 / 100 2.5 / 20 D 22 CPC Corporation, Taiwan 17.6 / 100 2.4 / 20 D 23 Ecopetrol 17.4 / 100 2.3 / 20 D 24 Formosa Petrochemical Corp 17.1 / 100 2.2 / 20 D 24 Cosmo Energy Holdings 17.1 / 100 2.2 / 20 D 26 California Resources Corporation 16.9 / 100 2.1 / 20 D 26 Polski Koncern Naftowy Orlen (PKN Orlen) 16.9 / 100 2.1 / 20 D 28 Reliance Industries 16.7 / 100 1.0 / 20 D 29 Bharat Petroleum Corporation 16.0 / 100 1.7 / 20 D 30 Santos 15.7 / 100 1.6 / 20 D 30 Inpex 15.7 / 100 1.6 / 20 D 32 Saras 15.2 / 100 1.4 / 20 D 33 Qatar Petroleum 14.5 / 100 1.1 / 20 D 34 Varo Energy 12.4 / 100
    [Show full text]
  • Cosmo Report 2020 04
    Cosmo Energy Group’s Value Creation Strategy and Achievements Message Financial Analysis Business activity Sustainability Data History of Value Creation Thirty-four years have passed since the establishment of Cosmo Oil and the start of the Cosmo Energy Group. Amid a variety of environmental changes, the Cosmo Energy Group’s mission of a safe and stable energy supply remains unchanged and the Group aims to contribute to society. Related to all businesses Related to the Petroleum Business Related to the Renewable Energy and Other Businesses Related to the Oil E&P Business Related to the Petrochemical Business 1933 1985 1986 2006 2007 2012 2013 2020 Birth of a new Cosmo Oil toward a Prospects for a New journey as the Prologue to Cosmo Oil new development stage new growth path Cosmo Energy Group Became unwaveringly competitive despite rough waves of Damage and reconstruction from the March 2011 Striving to grow based on the Group’s established business Daikyo Oil and Maruzen Oil started operation. liberalization. Earthquake. base and contributing to a sustainable society. Corporate Origin Corporate 1933 Maruzen Oil established. 1984 “Cosmo Oil” (Refining) 1986 Cosmo Oil established. 2015 Cosmo Energy Holdings established. established. 1939 Daikyo Oil established. 1989 Asian Oil merged into Cosmo Oil to form an organization of four refineries. 1933 Maruzen Oil established. 1986 Cosmo Oil established through tripartite merger 2007 Business alliance formed with IPIC (currently MIC). 2013 Sakaide Refinery closed, becoming an organization of of Daikyo Oil, Maruzen Oil and former Cosmo Oil three refineries. 1939 Daikyo Oil established. 2007 Japanese education program launched in the UAE.
    [Show full text]