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| Showa Shell Sekiyu to Purchase Ube Industrie's Shareholding in Seibu Oil |
| 10/02/2004 |
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Showa Shell Sekiyu K.K. have today concluded an agreement whereby the company will purchase 13.5% of the shares of Seibu Oil currently held by UBE INDUSTRIES. This will enable Showa Shell to further improve its supply chain competitiveness and strengthen its cooperation with Seibu Oil.
As a result of the share transfer, Showa Shell's shareholding in Seibu Oil will go up to 38% from the current 24.5% while that of Ube Industries will reduce to 11%. The share transfer is scheduled for the middle of March.
Showa Shell, as the major lifter of oil products from Seibu Oil's Yamaguchi Refinery, has been providing support to the refining company to improve operational efficiency, maximize value and reinforce competitiveness. Through its larger shareholding, Showa Shell will be able to further its cooperative relationship with Seibu and strengthen its overall competitive position in crude oil supply, tanker allocation and product manufacturing among Showa Shell Group's three refiners, which in addition to Yamaguchi include Showa Yokkaichi Sekiyu Co., Ltd. and Toa Oil Co., Ltd.
After the share transfer Showa Shell Sekiyu will continue to cooperate with Ube Industries and other major shareholders to reinforce Seibu's competitiveness and profitability. |
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Profile of SEIBU Oil Co., Ltd
| Share Capital | : 8.0 billion yen |
| Sales Proceeds | : 231.62 billion yen (Apr.2002 to Mar.2003) |
| Number of employees | : 336 (as of Apr.2003) |
| Head Office | : 8-7, Sanban-cho, Chiyoda word, Tokyo |
| Refinery location | : 5, Nishioki, Onoda City, Yamaguchi Pref. |
| Crude Processing Capacity | : 120,000 BBL/ day |
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| 2004 Press Release Index |
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