Japanese LPG firm Gyxis to open office in Singapore

SAN SHING FASTECH

29/08/2018 08:00

SINGAPORE/TOKYO, Aug 29 (Reuters) - Japanese liquefied
petroleum gas (LPG) importer Gyxis Corp is planning to set up an
office in Singapore soon, a company spokesman told Reuters on
Wednesday. 
    He declined to elaborate but added that a public
announcement on this will be made at a later date. 
    The company will likely open the Singapore office in
September or October and may purchase LPG to import into Japan,
two sources familiar with the matter said. 
    Gyxis, one of four major LPG firms in Japan, was set up in
2015. It combined the LPG businesses of Cosmo Oil Co  5007.T ,
Showa Shell Sekiyu  5002.T , Sumitomo Corp  8053.T  and
TonenGeneral Sekiyu KK, which later merged with JX Nippon Oil to
create JXTG Nippon Oil & Energy Corp  5020.T .
    LPG, a product from crude oil refining and natural gas
production, is a mixture of propane and butane that is used for
cooking and as a transport fuel. It is also an important
feedstock for the petrochemical industry.
    Asia is the world's biggest LPG importing region, with
China, India, Japan and South Korea together taking in one-third
of globally shipped LPG, according to trade data.
    Gyxis transports LPG to Japan through long-term purchase
agreements with exporters in the United States and natural gas
producing countries in the Middle East, according to the company
website.
    It imports about 2.8 million tonnes of LPG every year to its
seven primary import terminals in Japan, the website states. 

 (Reporting by Jessica Jaganathan in SINGAPORE and Osamu
Tsukimori in TOKYO; Editing by Christian Schmollinger)
 ((Jessica.Jaganathan@thomsonreuters.com; +65 6870 3822; Reuters
Messaging: jessica.jaganathan.thomsonreuters.com@reuters.net;
Twitter: https://twitter.com/j3ssi3))