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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 .................................................................................................................................. -
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. -
Fuel Cell Technology for Domestic Built Environment Applications: State Of-The-Art Review
FUEL CELL TECHNOLOGY FOR DOMESTIC BUILT ENVIRONMENT APPLICATIONS: STATE OF-THE-ART REVIEW Theo Elmer*, Mark Worall, Shenyi Wu and Saffa Riffat Architecture, Climate and Environment Research Group The University of Nottingham, NG7 2RD (UK) *corresponding author email: [email protected] ABSTRACT Fuel cells produce heat when generating electricity, thus they are of particular interest for combined heat and power (CHP) and combined cooling heat and power (CCHP) applications, also known as tri-generation systems. CHP and tri-generation systems offer high energy conversion efficiency and hence the potential to reduce fuel costs and CO2 emissions. This paper serves to provide a state-of-the-art review of fuel cell technology operating in the domestic built environment in CHP and tri-generation system applications. The review aims to carry out an assessment of the following topics: (1) the operational advantages fuel cells offer in CHP and tri-generation system configurations, specifically, compared to conventional combustion based technologies such as Stirling engines, (2) how decarbonisation, running cost and energy security in the domestic built environment may be addressed through the use of fuel cell technology, and (3) what has been done to date and what needs to be done in the future. The paper commences with a review of fuel cell technology, then moves on to examine fuel cell CHP systems operating in the domestic built environment, and finally explores fuel cell tri-generation systems in domestic built environment applications. The paper concludes with an assessment of the present development of, and future challenges for, domestic fuel cells operating in CHP and tri-generation systems. -
Japan Coal Phase-Out: the Path to Phase-Out by 2030 Summary: Japan Should Completely Phase out Coal by 2030
Japan Coal Phase-Out: The Path to Phase-Out by 2030 Summary: Japan should completely phase out coal by 2030. █ Coal-fired power generation emits more carbon dioxide (CO2) than any other method of generating electricity. In order to achieve net zero emissions of greenhouse gases (GHGs) as called for under the Paris Agreement, it is crucial to quickly decarbonize our energy sources. According to several research reports, that means we need to completely phase Japan Coal Phase-Out: out coal power plants, which obviously means halting new coal plant construction and also strategically retiring existing plants. For coal-fired power generation in Japan, the country must cancel all current planning for new construction, and also retire all existing coal The Path to Phase-Out by 2030 power plants by 2030 █ There were 117 units at existing coal power plants in Japan as of April 2018, based on Japan Coal Phase-Out: The Path to Phase-Out by 2030 Japan Coal Phase-Out: government statistics and publicly available information, and this number includes many older and inefficient plants that have been operating over 40 years. Contents █ The Japan 2030 Coal Phase-Out Plan presents a schedule to gradually retire all 117 units Summary ------------------------------------------------------------------------------p3 at existing coal power plants in Japan by 2030, starting with the oldest operating and least Main Report efficient plants. This plan is entirely achievable without threatening the electrical power 1. Status of Coal Power Generation in Japan ------------------------------p4 supply and without relying on nuclear power, if we take into account for the available (1) Coal power generation rose steadily since 1980 capacity of LNG and other power generation options, as well as the spread of renewable (2) Deluge of coal plant construction plans after TEPCO's energy and improvements in energy efficiency. -
Published on July 21, 2021 1. Changes in Constituents 2
Results of the Periodic Review and Component Stocks of Tokyo Stock Exchange Dividend Focus 100 Index (Effective July 30, 2021） Published on July 21, 2021 1. Changes in Constituents Addition（18） Deletion（18） CodeName Code Name 1414SHO-BOND Holdings Co.,Ltd. 1801 TAISEI CORPORATION 2154BeNext-Yumeshin Group Co. 1802 OBAYASHI CORPORATION 3191JOYFUL HONDA CO.,LTD. 1812 KAJIMA CORPORATION 4452Kao Corporation 2502 Asahi Group Holdings,Ltd. 5401NIPPON STEEL CORPORATION 4004 Showa Denko K.K. 5713Sumitomo Metal Mining Co.,Ltd. 4183 Mitsui Chemicals,Inc. 5802Sumitomo Electric Industries,Ltd. 4204 Sekisui Chemical Co.,Ltd. 5851RYOBI LIMITED 4324 DENTSU GROUP INC. 6028TechnoPro Holdings,Inc. 4768 OTSUKA CORPORATION 6502TOSHIBA CORPORATION 4927 POLA ORBIS HOLDINGS INC. 6503Mitsubishi Electric Corporation 5105 Toyo Tire Corporation 6988NITTO DENKO CORPORATION 5301 TOKAI CARBON CO.,LTD. 7011Mitsubishi Heavy Industries,Ltd. 6269 MODEC,INC. 7202ISUZU MOTORS LIMITED 6448 BROTHER INDUSTRIES,LTD. 7267HONDA MOTOR CO.,LTD. 6501 Hitachi,Ltd. 7956PIGEON CORPORATION 7270 SUBARU CORPORATION 9062NIPPON EXPRESS CO.,LTD. 8015 TOYOTA TSUSHO CORPORATION 9101Nippon Yusen Kabushiki Kaisha 8473 SBI Holdings,Inc. 2.Dividend yield (estimated) 3.50% 3. Constituent Issues (sort by local code) No. local code name 1 1414 SHO-BOND Holdings Co.,Ltd. 2 1605 INPEX CORPORATION 3 1878 DAITO TRUST CONSTRUCTION CO.,LTD. 4 1911 Sumitomo Forestry Co.,Ltd. 5 1925 DAIWA HOUSE INDUSTRY CO.,LTD. 6 1954 Nippon Koei Co.,Ltd. 7 2154 BeNext-Yumeshin Group Co. 8 2503 Kirin Holdings Company,Limited 9 2579 Coca-Cola Bottlers Japan Holdings Inc. 10 2914 JAPAN TOBACCO INC. 11 3003 Hulic Co.,Ltd. 12 3105 Nisshinbo Holdings Inc. 13 3191 JOYFUL HONDA CO.,LTD. -
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. -
Ichthys LNG Project Secures New Shipping Vessels
Public Relations Group, Corporate Communications Unit Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPAN 4 June 2013 Ichthys LNG Project Secures New Shipping Vessels INPEX CORPORATION (INPEX) is pleased to announce shipbuilding and shipping contracts for two new vessels which will offtake and deliver LNG from the Ichthys LNG Project offshore Western Australia to Japan and Taiwan. Through its wholly owned subsidiary INPEX Shipping Co., Ltd. (‘INPEX Shipping’), one LNG vessel will be jointly owned with Kawasaki Kisen Kaisha, Ltd. (‘”K” Line’) through Ocean Breeze LNG Transport S. A. and built by Mitsubishi Heavy Industries, Ltd. The vessel will be operated by Ocean Breeze LNG Transport S. A. as a time charter. The 155,300 cubic metre capacity carrier will offtake 900,000 tonnes per annum of LNG from the Ichthys LNG Project and features an innovative peapod-shaped continuous cover protecting the four moss spherical tanks. The reduced weight combined with reheated steam turbine propulsion will contribute to an expected 20 per cent or more decrease in fuel consumption per unit cargo compared to conventional vessels. A second, 182,000 cubic metre capacity vessel will also be operated as a time charter by “K” Line for delivery to CPC Corporation, Taiwan. These arrangements will contribute to strengthening INPEX’s global gas supply chain which connects INPEX’s overseas gas assets with its Naoetsu LNG Receiving Terminal in Joetsu and its natural gas pipeline network in Japan. About the Ichthys LNG Project The Ichthys LNG Project is a Joint Venture between INPEX group companies (the Operator), major partner TOTAL group companies and the Australian subsidiaries of Tokyo Gas, Osaka Gas, Chubu Electric Power and Toho Gas. -
Convocation Notice of the 11Th Ordinary General Meeting of Shareholders
THE FOLLOWING IS AN ENGLISH TRANSLATION PREPARED FOR THE CONVENIENCE OF THE SHAREHOLDERS AND INVESTORS. THE OFFICIAL TEXT IN JAPANESE OF THE CONVOCATION NOTICE OF THE ORDINARY GENERAL MEETING OF SHAREHOLDERS HAS BEEN PREPARED IN ACCORDANCE WITH STATUTORY PROVISIONS AND MAILED TO THE RESPECTIVE SHAREHOLDERS. SHOULD THERE BE ANY INCONSISTENCY BETWEEN THE TRANSLATION AND THE OFFICIAL TEXT IN TERMS OF THE CONTENTS OF THE NOTICE, THE OFFICIAL TEXT SHALL PREVAIL. THE COMPANY ACCEPTS NO LIABILITY FOR ANY MISUNDERSTANDING CAUSED BY THE TRANSLATION FOR ANY REASON WHATSOEVER. CONVOCATION NOTICE OF THE 11TH ORDINARY GENERAL MEETING OF SHAREHOLDERS Date and Time: Friday June 25, 2021 at 10:00 a.m. (Reception will open at 9:00 a.m.) Place: Ball Room “Aoi,” Second Floor, Palace Hotel Tokyo A Request to Our Shareholders 1-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo █ This ordinary general meeting of shareholders is to be held Deadline for Exercise of Voting Right(s) in Writing or via the by taking as many measures as possible to prevent the Internet: spread of infection of COVID-19 and ensure safety of Thursday, June 24, 2021 until 5:30 p.m. shareholders. Matters to be Resolved: █ As shareholders may exercise their voting right(s) in Proposal 1: Appropriation of Surplus advance in writing or via the Internet, we strongly Proposal 2: Election of 11 Directors who are not Audit and encourage you to make use of these options, and to refrain Supervisory Committee Members from attending the meeting in person on the day. Proposal 3: Election of 2 Directors who are Audit and █ If you are found to have a fever or appear to be unwell Supervisory Committee Members when you arrive at the venue, you may be refused entry. -
Tokyo Century Corporation
Tokyo Century Group with the Joint Credit Mechanism TOKYO CENTURY CORPORATION All Rights Reserved, Copyright © Tokyo Century Corporation 1 Company Outline - Tokyo Century Corporation Company Name Segment Assets Employees(As of March 31,2018) Tokyo Century Corporation Founded 6,035 1 ,016 July 1, 1969 (Non- Consolidated) (Consolidated) (Non- Consolidated) Paid-in Capital ￥34.2billion Total Assets Stock Listing ￥3,759billion ($35.4 billion) Tokyo Stock Exchange, First Section Revenues ￥1,012billion ($9.5 billion) Operating Income ￥74billion ($0.7 billion) All Rights Reserved, Copyright © Tokyo Century Corporation 2 Business Summary by Operating Segment 1. Equipment Leasing 3. Specialty Financing Provide financial services centered on information and Provide financial services for shipping, aviation, communication equipment and wide range of properties, the environment and energy, real estate, structured finance enhance the efforts for new viable businesses with the theme and other sectors, by utilizing our highly specialized expertise of “Robots”, “Power Generation”, and “IoT” etc. Shipping: Creating new businesses along with core partners and Structuring and providing diverse financing programs in promoting ROA improvements cooperation with manufacturers and dealers in addition to the Aviation: Acquired additional interest in ACG, a leading U.S. financing subsidiaries of Fujitsu and IHI based commercial aircraft lessor, to expand the aviation business Developing a strategic collaboration with prime partner Environment and Energy: Expanding the solar power companies generation business primarily through Kyocera TCL Solar Promote the IoT related business cooperating with SORACOM Also, focusing on new energy businesses. and Bplats. Real Estate: Expanding the real estate business through the acquisition of shares in Shinko Real Estate, a comprehensive real Expand the viable businesses by acquiring shares in Amada estate company. -
FTSE Japan ESG Low Carbon Select
2 FTSE Russell Publications 19 August 2021 FTSE Japan ESG Low Carbon Select Indicative Index Weight Data as at Closing on 30 June 2021 Constituent Index weight (%) Country Constituent Index weight (%) Country Constituent Index weight (%) Country ABC-Mart 0.01 JAPAN Ebara 0.17 JAPAN JFE Holdings 0.04 JAPAN Acom 0.02 JAPAN Eisai 1.03 JAPAN JGC Corp 0.02 JAPAN Activia Properties 0.01 JAPAN Eneos Holdings 0.05 JAPAN JSR Corp 0.11 JAPAN Advance Residence Investment 0.01 JAPAN Ezaki Glico 0.01 JAPAN JTEKT 0.07 JAPAN Advantest Corp 0.53 JAPAN Fancl Corp 0.03 JAPAN Justsystems 0.01 JAPAN Aeon 0.61 JAPAN Fanuc 0.87 JAPAN Kagome 0.02 JAPAN AEON Financial Service 0.01 JAPAN Fast Retailing 3.13 JAPAN Kajima Corp 0.1 JAPAN Aeon Mall 0.01 JAPAN FP Corporation 0.04 JAPAN Kakaku.com Inc. 0.05 JAPAN AGC 0.06 JAPAN Fuji Electric 0.18 JAPAN Kaken Pharmaceutical 0.01 JAPAN Aica Kogyo 0.07 JAPAN Fuji Oil Holdings 0.01 JAPAN Kamigumi 0.01 JAPAN Ain Pharmaciez <0.005 JAPAN FUJIFILM Holdings 1.05 JAPAN Kaneka Corp 0.01 JAPAN Air Water 0.01 JAPAN Fujitsu 2.04 JAPAN Kansai Paint 0.05 JAPAN Aisin Seiki Co 0.31 JAPAN Fujitsu General 0.01 JAPAN Kao 1.38 JAPAN Ajinomoto Co 0.27 JAPAN Fukuoka Financial Group 0.01 JAPAN KDDI Corp 2.22 JAPAN Alfresa Holdings 0.01 JAPAN Fukuyama Transporting 0.01 JAPAN Keihan Holdings 0.02 JAPAN Alps Alpine 0.04 JAPAN Furukawa Electric 0.03 JAPAN Keikyu Corporation 0.02 JAPAN Amada 0.01 JAPAN Fuyo General Lease 0.08 JAPAN Keio Corp 0.04 JAPAN Amano Corp 0.01 JAPAN GLP J-REIT 0.02 JAPAN Keisei Electric Railway 0.03 JAPAN ANA Holdings 0.02 JAPAN GMO Internet 0.01 JAPAN Kenedix Office Investment Corporation 0.01 JAPAN Anritsu 0.15 JAPAN GMO Payment Gateway 0.01 JAPAN KEWPIE Corporation 0.03 JAPAN Aozora Bank 0.02 JAPAN Goldwin 0.01 JAPAN Keyence Corp 0.42 JAPAN As One 0.01 JAPAN GS Yuasa Corp 0.03 JAPAN Kikkoman 0.25 JAPAN Asahi Group Holdings 0.5 JAPAN GungHo Online Entertainment 0.01 JAPAN Kinden <0.005 JAPAN Asahi Intecc 0.01 JAPAN Gunma Bank 0.01 JAPAN Kintetsu 0.03 JAPAN Asahi Kasei Corporation 0.26 JAPAN H.U. -
Sep. 01, 2017Press INPEX-Operated Ichthys LNG Project Celebrates
Public Relations Group, Corporate Communications Unit Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPAN September 1, 2017 INPEX-operated Ichthys LNG Project Celebrates Naming Ceremony for LNG Tanker to Supply CPC Corporation, Taiwan TOKYO, JAPAN - INPEX CORPORATION (INPEX) announced today that a naming ceremony was held for the LNG tanker that will supply liquefied natural gas (LNG) from the INPEX-operated Ichthys LNG Project to CPC Corporation, Taiwan (CPC). This ceremony took place today at Kawasaki Heavy Industries’ (KHI) Sakaide Works in Kagawa Prefecture, Japan where construction of the tanker was recently completed. This tanker will transport the 1.75 million tons of Ichthys-produced LNG per year allocated to CPC under a sales and purchase agreement*. *For more information on the LNG sales and purchase agreement with CPC, see January 10, 2012 press release (http://www.inpex.co.jp/english/news/pdf/2012/e20120110-a.pdf) Naming Ceremony of “PACIFIC BREEZE” The naming ceremony was attended by CPC executives and numerous other distinguished guests, and the LNG tanker was named “PACIFIC BREEZE.” INPEX President & CEO Toshiaki Kitamura also attended the ceremony. The LNG tanker was newly built based on a construction agreement between Pacific Breeze LNG Transport S. A. (PBLT), a subsidiary of Kawasaki Kisen Kaisha Ltd. (K-Line) as the owner, and KHI, and is scheduled to be deployed in conjunction with the production startup of the Ichthys LNG Project. Through its subsidiary INPEX Shipping Co., Ltd. (INPEX Shipping), INPEX jointly established IT MARINE TRANSPORT PTE. LTD. (ITMT) on May 8, 2013 with TOTAL Marine Transport B.V., a subsidiary of Ichthys LNG Project partner TOTAL, at an ownership ratio of 68.77% (INPEX Shipping) to 31.23% (TOTAL Marine Transport B.V.). -
『Summary of Activities for Hydrogen Utilization in Chubu in 2030』
1 『Summary of Activities for Hydrogen Utilization in Chubu in 2030』 February 19th, 2021 Hydrogen Utilization Study Group in Chubu ■ Eleven private companies which are promoting hydrogen utilization (listed below) have established the Hydrogen Utilization Study Group in Chubu in March 2020 to expand hydrogen demand and to build a supply chain for stable hydrogen utilization in the Chubu region. ■ This Group takes its first effort in Japan to conduct cross-sectional studies in various industries such as energy (oil, gas and electricity), petrochemicals, automobiles, steel manufacturing and finance. <Participating Companies＞ Alphabetically, ♦Secretariat companies Air Liquide Japan G.K. /Chubu Electric Power Co., Inc. /ENEOS Holdings, Inc. / Idemitsu Kosan Co., Ltd /Iwatani Corporation / Mitsubishi Chemical Corporation/ Nippon Steel Corporation /Sumitomo Corporation♦/Sumitomo Mitsui Banking Corporation♦/ Toho Gas Co., Ltd. /Toyota Motor Corporation♦ Hydrogen Utilization Study Group in Chubu 【Summary】 2 ＜Background of Study＞ On December 26, 2017, Ministry of Economy, Trade and Industry (hereinafter “METI”) published the Basic Hydrogen Strategy which included the following targets. ▽Realization of low-cost hydrogen usage under the Basic Strategy in order to move towards a hydrogen-based society: ■ As a basic approach, procurement of hydrogen at large scale, either by i) use of combination of inexpensive, unused energy of overseas markets with CCS, or ii) use of inexpensive, renewable energy to be used by electrolysis ■ Realization of annual procurement of 300 Kt/y of hydrogen, by developing commercial-scale supply chains by around 2030. Aim to realize hydrogen cost of 30 JPY/Nm3. ■ In the later phase, further endeavor to lower the hydrogen cost to 20 JPY/Nm3 to allow hydrogen to gain the same competitiveness as traditional energy sources after environmental cost adjustments are incorporated.