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Most Asian stocks dipped Wednesday after a technology selloff weighed on U.S. equities and as investors assessed the omicron virus-strain outbreak. Shares slipped in Japan, technology stocks retreated in Hong Kong and China edged down. U.S. futures fluctuated after the S&P 500 and the Nasdaq 100 weakened Tuesday, snapping four sessions of gains. Volumes remained thin into the end of the year in some markets. Sentiment in China is being sapped by Beijing’s tightening oversight of overseas share sales and economic risks from a property slowdown. Authorities are expected to add stimulus next year to steady expansion. Treasury yields fell and a dollar gauge inched higher. Crude oil held around a one-month high partly on bets that the global recovery will ride out omicron. Bitcoin was around $48,000 after a tumble that hinted at diminished ardor for the most speculative assets.
(Bloomberg) -- Japan is offering oil from its national reserves as other nations kick off a coordinated release from strategic stockpiles to rein in prices. A government tender offered Oman crude from the strategic reserves in Shibushi for delivery between March and June, the trade ministry said in a statement dated Dec. 27. The tender didn’t specify a volume, give a reason for the sale, or confirm it was part of a U.S.-led initiative. The Biden administration started tapping the first of its pledged 50 million barrels of reserves not long after announcing the coordinated release in late November. South Korea said last week that it will start releasing crude and oil products from its strategic reserves next month, although other countries named as part of the plan -- including China and India -- have yet to act. Trade Minister Koichi Hagiuda said in November that Japan would conduct the release as it replaces oil in its stockpiles. While it does that regularly, the schedule has been moved up to support similar actions elsewhere, he added.
TOKYO, Dec 3 (Reuters) - Japan's plan to release oil from strategic reserves in coordination with the United States and other consuming countries remains unchanged despite the recent drop in oil prices, industry minister Koichi Hagiuda said on Friday. Global oil prices have lost more than $10 a barrel since last Thursday when news of the Omicron coronavirus variant first shook investors.
Japan is considering the unprecedented release of state oil reserves after a request from Washington for coordinated action to combat soaring energy prices, three government sources with knowledge of the possible plan told Reuters. One of the sources said the government was looking into releasing from the portion exceeding the minimum amount required as a legal workaround. Japanese law permits the release of oil reserves in cases of a shortage or natural disasters but makes no mention of doing so to counter rising prices.
Resource-poor Japan, a major importer of crude oil and natural gas, is increasingly concerned that the rally in oil prices would slow the global economic recovery, a senior government official told the head of the International Energy Agency (IEA) this week. Hikariko Ono, Director General of Economic Affairs Bureau at the Ministry of Foreign Affairs of Japan, “expressed concern over the rapid surge in crude oil prices, which could hamper the global economic recovery from COVID-19,” Japan’s foreign ministry said in a statement after a video conference between Ono and the IEA’s Executive Director Fatih Birol.
BVG Associates (BVGA) has signed a memorandum of understanding (MoU) with Mitsubishi Research Institute (MRI) to strengthen cooperation in consulting services in offshore wind in Japan and for Japanese clients globally. The MoU follows successful collaboration on a number of Japanese projects, the duo said. It includes the development and operation of projects, support for offshore wind auctions, strategic advice on market entry, business expansion and supply chain and technology development.
TOKYO: Oil prices fell on Monday amid mounting concerns that surging caseloads of coronavirus infections in India and other countries will lead to stronger measures and hit economic activity, along with demand for commodities such as crude.Brent crude was down 43 cents, or 0.6%, at $66.34 a barrel by 0139 GMT, after rising 6% last week. U.S. oil was down 42 cents, or 0.7%, at $62.71 a barrel, having gained 6.4% last week.
GreenFire Energy Inc. and the Mitsui Oil Exploration Co., Ltd. (MOECO) have announced that they have entered an agreement for GreenFire Energy to design and assist MOECO in performing a demonstration and testing of one of GreenFire Energy’s closed-loop geothermal solutions at a geothermal resource in Japan. The company has been focused on geothermal energy as an important potential source of renewable energy in Japan and other areas.
JGC HOLDINGS CORPORATION (Representative Director, Chairman and CEO Masayuki Sato) have announced that JGC JAPAN CORPORATION (Representative Director and President Shoji Yamada), which operates the domestic EPC business of the JGC Group, has been awarded an order for the design, procurement and construction of a biomass power generation plant project in Miyagino Ward, Sendai City, Miyagi Prefecture, Japan.
Ricoh Company, Ltd., has raised its renewable electricity target to 50% by FY2030, up from the previous target of 30%. The Group has also set an interim target of 30% by March 2023, accelerating its renewable electricity transition by eight years. In conjunction with the start of its 20th Mid-Term Management Plan, which runs for two years from April 2021.
Abu Dhabi awarded Japan’s Cosmo Energy Holdings Co. the right to explore for offshore oil and natural gas as the Middle Eastern emirate seeks to expand its output capacity. Cosmo will invest as much as $145 million in the exploration phase at Offshore Block 4, government-owned Abu Dhabi National Oil Co.
Japan’s Nagashiki Shipping, chartered by Mitsui OSK ran aground on a reef in Mauritius on July 25 and later began leaking oil, causing a marine ecological disaster around the Indian Ocean Island. Japan’s Mitsui OSK Lines Ltd stood to spend about $9.42 million on measures to help Mauritius for the clean-up of the island’s mangrove forests. In addition, the shipping company plans to provide further support to local fishing and tourism industries.
Japanese oil refiner Idemitsu Kosan will end its petrochemical joint venture with German chemical manufacturer, BASF due to slumping demand. The joint venture will end in December and its Chiba plant will be closed for making butanediol, an organic compound used in stretchable fibres and engineering plastics. Idemitsu is also planning to exit from the butanediol business soon.
Mitsui has decided to sell its 35% stakes in Australian BassGas project. Rothschild is advising the Japanese company on the proposed disposal. Mitsui's share of output from the BassGas in the year to June 2019 was approx 1.1 million barrels of oil equivalent. It has come up with the sale plan at the same time when Exxon has out its ageing Bass Strait oil and gas assets up for sale.
Japanese gas firm, Osaka Gas has announced plans to buy U.S. shale gas developer Sabine Oil & Gas Corp in a $610 million deal. The acquisition will give Osaka the operatorship of 175,000 net acres in East Texas, with approximately 1,200 wells yielding about 1.7 million tonnes of shale gas a year. The deal is in line with Osaka’s strategy to grow its overseas business for future growth.
Central Asian country, Turkmenistan, yesterday, unveiled the US$1.7 billion gas-to-liquids (GTL) plant. The largest GTL plant in Central Asia, it will process 1.785 billion cubic metres of natural gas every year, yielding 600,000 tonnes of gasoline a year among other liquid fuels. Built by Turkey's Rönesans and Japan's Kawasaki Heavy Industries, the GTL plant will help Turkmenistan monetize on the world's fourth-largest natural gas reserves.
Operators of the two oil tankers attacked in the Gulf of Oman last week are undergoing examination off the UAE coast. The oil tanker explosion on Thursday escalated tensions between Washington and Iran, with the former blaming the Persian country for the assault. Once the authorities in Sharjah conclude security checks, Japanese tanker Kokuka Courageous will undergo assessment, post which ship-to-ship transfer of its methanol cargo would begin.
Japanese oil firm, Inpex Corp. has reached an agreement with Indonesia for the $20 billion Abadi liquefied natural gas project. In an interaction with reporters at a G-20 energy and environment meeting in Japan, Inpex President informed that the heads of agreement contains a contract extension for Inpex to operate the Masela field until 2055. Inpex holds a 65% stake in Abadi field where Royal Dutch Shell is partner.