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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. -
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. -
Geological Features of Landslides Caused by the 2018 Hokkaido Eastern Iburi Earthquake in Japan
Downloaded from http://sp.lyellcollection.org/ by guest on September 30, 2021 Geological features of landslides caused by the 2018 Hokkaido Eastern Iburi Earthquake in Japan Yoshihiko Ito*, Shusaku Yamazaki and Toshiyuki Kurahashi HOKUDEN Integrated Consulting Service Co. Inc., 1-1 Higashi 3-chome, Kita 1-Jyo, Chuo-Ku, Sapporo-City, 060-0031, Japan YI, 0000-0002-0818-8103 *Correspondence: [email protected] Abstract: Before dawn on 6 September 2018, a powerful earthquake with a Japan Meteorological Agency magnitude (Mj) of 6.7 hit central Hokkaido, causing more than 6000 landslides. As human damage, 36 of the 44 fatalities from the earthquake were from earthslides in Atsuma Town. Most slope movements were shal- low earthslides of mantle-bedded tephra and soil layers, but some were deep rockslides involving basement rocks such as shale and mudstone of Miocene. Although the shallow earthslides were easily distinguishable in photos from satellites or airplane, the rockslides were more difficult to identify owing to their vegetation. Based on the quick interpretation of a high-resolution (0.5 m horizontal resolution) shaded relief map made from digital elevation model data by airborne laser survey and supplemental field surveys, we effectively iden- tified 259 rockslides (196 certain ones and 63 possible ones) in Atsuma and Mukawa towns under newly invented identification criteria based on the scarp depth and positional relation between scarp and ridge topog- raphy. It was revealed that most rockslides were distributed within 10 km from the epicentre, while earthslides were distributed until 20 km north of the epicentre, and they seemed to be controlled by the thickness of mantle- bedded tephra and the soil layer. -
Consecutive Extreme Flooding and Heat Wave in Japan: Are They Becoming a Norm?
Received: 17 May 2019 Revised: 25 June 2019 Accepted: 1 July 2019 DOI: 10.1002/asl.933 EDITORIAL Consecutive extreme flooding and heat wave in Japan: Are they becoming a norm? In July 2018, Japan experienced two contrasting, yet consec- increases (Chen et al., 2004). Putting these together, one could utive, extreme events: a devastating flood in early July argue that the 2018 sequential events in southern Japan indicate followed by unprecedented heat waves a week later. Death a much-amplified EASM lifecycle (Figure 1a), featuring the tolls from these two extreme events combined exceeded strong Baiu rainfall, an intense monsoon break, and the landfall 300, accompanying tremendous economic losses (BBC: July of Super Typhoon Jebi in early September. 24, 2018; AP: July 30, 2018). Meteorological analysis on The atmospheric features that enhance the ascent and insta- these 2018 events quickly emerged (JMA-TCC, 2018; bility of the Baiu rainband have been extensively studied Kotsuki et al., 2019; Tsuguti et al., 2019), highlighting sev- (Sampe and Xie, 2010); these include the upper-level westerly eral compound factors: a strengthened subtropical anticy- jet and traveling synoptic waves, mid-level advection of warm clone, a deepened synoptic trough, and Typhoon Prapiroon and moist air influenced by the South Asian thermal low, and that collectively enhanced the Baiu rainband (the Japanese low-level southerly moisture transport associated with an summer monsoon), fostering heavy precipitation. The com- enhanced NPSH. These features are outlined in Figure 1b as prehensive study of these events, conducted within a month (A) the NPSH, and particularly its western extension; (B) the and released by the Japan Meteorological Agency (JMA) western Pacific monsoon trough; (C) the South Asian monsoon; (JMA-TCC, 2018), reflected decades of knowledge of the (D) the mid-latitude westerly jet and quasistationary short Baiu rainband and new understanding of recent heat waves waves, as well as the Baiu rainband itself; these are based on in southern Japan and Korea (Xu et al., 2019). -
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. -
Men's New Roles in a Gender Equal Society
Men’s New Roles in a Gender Equal Society -Survey Results from Japan and East Asia- As of 26 July, 2019 (Provisional Unedited ver.) Introduction The Sasakawa Peace Foundation began working on this program in the summer of 2016. The Global Gender Gap report, released by the World Economic Forum (WEF) around that time, puts Japan at 111th out of 144 countries covered. South Korea was the only East Asian country ranked lower (116th). Even if Southeast Asia is included, the only other country with lower ranking was East Timor (125 th). In the latest 2018 report, Japan climbed just one position to the 110th rank out of 149 countries, and remains far from establishing gender equality in society. What can we do to change this situation? We have focused on men’s persistent obsession with “masculinity.” While there are signs of change, Japanese men continue to perceive “masculinity” as getting ahead in the corporate ladder and winning in the power struggle. Such a male nature (= masculinity) might be causing Japanese men to put themselves under undue stress and pressure, while also hindering women’s empowerment and inhibiting the establishment of gender equality in society. We have come to believe that we might be able to contribute to building gender equality that is desirable for both men and women alike by establishing in-depth understanding about the current status and background of Japanese masculinity and developing effective gender policies and programs that could change it. Coincidentally, momentum is building to re-examine the role of men in family life and society in general. -
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 -
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. -
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. -
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. -
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.