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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 .................................................................................................................................. -
Organization Sector Report Title Publication Year Report Type
GRI Reports List 2012（Japan） last updated: April 2013 Organization Sector Report Title Publication Year Report type Application Level Status Adeka Chemicals CSR Report 2012 2012 GRI - Referenced Advantest Technology Hardware Corporate Report 2012 2012 GRI - Referenced AEON Retailers Environmental and Social Report 2012 2012 GRI - Referenced Aeon Retailers Environmental & Social Initiatives 2012 2012 Non - GRI Aishin Seiki Equipment Aisin Report 2012 2012 GRI - Referenced Ajinomoto Food and Beverage Products Sustainability Report 2012 2012 Non - GRI All Nippon Airways Coompany Limited Aviation Annual Report 2012 Non - GRI Asahi Glass Company Chemicals AGC Report 2012 2012 GRI - Referenced Asahi Group Holdings Food and Beverage Products CSR Communication Report 2012 2012 GRI - Referenced Asahi Kasei Chemicals CSR Report 2012 2012 GRI - Referenced Astellas Pharma Health Care Products Annual Report 2012 2012 GRI - G3.1 B Self-declared azbil Conglomerates azbil Report 2012 2012 Non - GRI Benesse Holdings, Inc. Other Benesse Report 2012 2012 GRI - Referenced Bridgestone Chemicals CSR Report 2012 2012 GRI - Referenced Brother Technology Hardware CSR Report 2012 2012 GRI - Referenced Canon Technology Hardware Sustainability Report 2012 2012 GRI - Referenced Casio Consumer Durables Sustainability Report 2012 2012 GRI - G3.1 B Self-declared Chiyoda Corporation Construction CSR Report 2012 2012 GRI - Referenced Chubu Electric Power Energy Annual Report 2012 2012 GRI - Referenced Citizen Holdings Conglomerates CSR Report 2012 2012 GRI - Referenced -
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. -
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.). -
Dual Class Companies List
Dual Class Companies List The following US-incorporated, Russell 3000 companies have at least two outstanding classes of common stock with unequal voting rights as of March 2017. Primary Company Name Unequal Voting Structure Ticker Class A: 1 vote per share 1-800-FLOWERS.COM FLWS Class B: 10 votes per share Class A Common: 1 A. O. Smith AOS Common: 1/10 Time-phased voting: Aflac AFL 1 vote per share until stock held for 4 years, then 10 votes per share Class A: 1 Albany International AIN Class B: 10 Class A: 1 Alphabet GOOGL Class B: 10 Class C: no votes Class A: 1 AMC Entertainment Holdings AMC Class B: 3 Class A: 1; elects 25% of board AMC Networks AMCX Class B: 10; elects 75% of board Class A: 1 Ameresco AMRC Class B: 5 Class A: 1 American Homes 4 Rent AMH Class B: 50 Class A: 1/10; elects 25% of board American Software AMSWA Class B: 1; elects 75% of board Class A: 1 AppFolio APPF Class B: 10 Primary Company Name Unequal Voting Structure Ticker Class A: 1 Apptio APTI Class B: 10 Class A: no votes Artesian Resources ARTNA Class B: 1 Class A: 1 Artisan Partners Asset Management APAM Class B: 5 Class A: 1 Ascent Capital Group ASCMA Class B: 10 Class A: 1 Associated Capital Group AC Class B: 10 Common: 1 Astronics ATRO Class B Common: 10 Class A: 1 Baldwin & Lyons BWINB Class B: no votes Class A: 1 Bel Fuse BELFB Class B: no votes Class A: 1 Berkshire Hathaway BRK.B Class B: 1/10,000 Class A: 1 BGC Partners BGCP Class B: 10 Class A: 1/10 Bio-Rad Laboratories BIO Class B: 1 Class A: 1 Box BOX Class B: 10 Class A Nonvoting: no votes Brady -
『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. -
Fund Holdings
Wilmington International Fund as of 7/31/2021 (Portfolio composition is subject to change) ISSUER NAME % OF ASSETS ISHARES MSCI CANADA ETF 3.48% TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 2.61% DREYFUS GOVT CASH MGMT-I 1.83% SAMSUNG ELECTRONICS CO LTD 1.79% SPDR S&P GLOBAL NATURAL RESOURCES ETF 1.67% MSCI INDIA FUTURE SEP21 1.58% TENCENT HOLDINGS LTD 1.39% ASML HOLDING NV 1.29% DSV PANALPINA A/S 0.99% HDFC BANK LTD 0.86% AIA GROUP LTD 0.86% ALIBABA GROUP HOLDING LTD 0.82% TECHTRONIC INDUSTRIES CO LTD 0.79% JAMES HARDIE INDUSTRIES PLC 0.78% DREYFUS GOVT CASH MGMT-I 0.75% INFINEON TECHNOLOGIES AG 0.74% SIKA AG 0.72% NOVO NORDISK A/S 0.71% BHP GROUP LTD 0.69% PARTNERS GROUP HOLDING AG 0.65% NAVER CORP 0.61% HUTCHMED CHINA LTD 0.59% LVMH MOET HENNESSY LOUIS VUITTON SE 0.59% TOYOTA MOTOR CORP 0.59% HEXAGON AB 0.57% SAP SE 0.57% SK MATERIALS CO LTD 0.55% MEDIATEK INC 0.55% ADIDAS AG 0.54% ZALANDO SE 0.54% RIO TINTO LTD 0.52% MERIDA INDUSTRY CO LTD 0.52% HITACHI LTD 0.51% CSL LTD 0.51% SONY GROUP CORP 0.50% ATLAS COPCO AB 0.49% DASSAULT SYSTEMES SE 0.49% OVERSEA-CHINESE BANKING CORP LTD 0.49% KINGSPAN GROUP PLC 0.48% L'OREAL SA 0.48% ASSA ABLOY AB 0.46% JD.COM INC 0.46% RESMED INC 0.44% COLOPLAST A/S 0.44% CRODA INTERNATIONAL PLC 0.41% AUSTRALIA & NEW ZEALAND BANKING GROUP LTD 0.41% STRAUMANN HOLDING AG 0.41% AMBU A/S 0.40% LG CHEM LTD 0.40% LVMH MOET HENNESSY LOUIS VUITTON SE 0.39% SOFTBANK GROUP CORP 0.39% NOVARTIS AG 0.38% HONDA MOTOR CO LTD 0.37% TOMRA SYSTEMS ASA 0.37% IMCD NV 0.37% HONG KONG EXCHANGES & CLEARING LTD 0.36% AGC INC 0.36% ADYEN -
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.