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Eneos to buy Japan Renewable Energy

October 11/2021

MOSCOW (MRC) -- Eneos Holdings Inc, Japan's biggest refiner, plans to buy Japan Renewable Energy for about 200 billion yen (USD1.8 billion) from Goldman Sachs and Singaporean sovereign wealth fund GIC, said Hydrocarbonprocessing.

The deal would mark the first major purchase of a renewables company by a top Japanese oil company, the Nikkei said, as Eneos looks to shift away from fossil fuels.

Founded in 2012, Japan Renewable Energy develops and builds renewable energy assets and has 419 megawatts of solar, onshore wind and biomass capacity in operation, with a further 410 MW under construction.

An Eneos spokesperson said the company was considering various options to expand its renewable energy business but that nothing had been decided. A Goldman Sachs spokesperson declined to comment.

Like overseas counterparts including Royal Dutch Shell Japan's oil companies are shifting into new areas, especially after Tokyo stepped-up commitments on cutting atmosphere heating emissions along with other countries.

Japan Renewable's website has few financial details but, with its comparatively small capacity, any acquisition is unlikely to make much of an immediate contribution to Eneos' typical annual sales of around 10 trillion yen (USD90 billion).

As per MRC, Eneos (formerly JXTG Nippon Oil & Energy), part of Eneos Holding, a major petrochemical producer in Japan, has nominated the October contract price for benzene in Asia at USD1,010 per tonne, up USD30 per tonne from the contract price in September. The price was nominated on CFR Asia delivery terms.

Benzene is a raw material for the production of styrene, which, in turn, serves as the main raw material for the production of polystyrene (PS).

According to the MRC's ScanPlast, the total estimated consumption of EPS in August increased by 15% compared to August last year and amounted to 11,650 tonnes. The total production volume of EPS for the reporting month amounted to 8,770 tonnes, a decrease in comparison with August last year amounted to 8%.

Eneos Holding (formerly known as JXTG) is Japan's largest oil company. Its activities include the exploration, import and refining of crude oil; production and sale of petroleum products (ethylene, propylene, butadiene, styrene, paraxylene, orthoxylene, etc.), including fuels and lubricants. In recent years, the company has been expanding its production facilities in other countries. Its products are sold under the ENEOS brand. On June 25, 2020, JXTG, founded in April 2017 after the merger of two Japanese companies, JX Holding and TonenGeneral, changed its name to Eneos Holdings, while its subsidiary JXTG Nippon Oil & Energy changed its name to Eneos.


mrcplast.com
Author:Anna Larionova
Tags:PS, benzene, EPS, GPPS, HIPS, Eneos.
Category:General News
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