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    5019   JP3142500002

IDEMITSU KOSAN CO.,LTD.

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Japan's Astomos Energy buys carbon-neutral LPG cargo from Shell

06/11/2021 | 03:16am EDT
FILE PHOTO: The Royal Dutch Shell logo is seen at a Shell petrol station in London

TOKYO (Reuters) - Astomos Energy Corp, Japan's biggest importer and wholesaler of liquefied petroleum gas (LPG), said on Friday it had signed to buy from Royal Dutch Shell a cargo of LPG with offset carbon emissions.

The purchase of carbon neutral LPG cargo at the scale of the Very Large Gas Carriers (VLGC) is believed to be the world's first case, Astomos said in a statement.

The move comes as carbon reduction targets tighten around the world and global gas producers step up to offer cleaner supplies as more buyers commit to environmental targets.

Shell will use carbon credits from its nature-based projects to offset lifecycle CO2 emissions generated across the value chain from production to consumption, including transportation, Astomos said.

Astomos is 51% owned by refiner Idemitsu Kosan Co Ltd and the rest is held by trading house Mitsubishi Corp.

In 2019, Tokyo Gas Co Ltd, Japan's biggest seller of city gas, bought a cargo of carbon neutral liquefied natural gas (LNG) from Shell, which also supplied a similar cargo to South Korea's GS Energy, Taiwan's CPC Corp and China National Offshore Oil Corp, or CNOOC.

Carbon neutral fuel typically involves companies supporting nature-based projects that reduce emissions to offset those generated from exploration and production activities.

(Reporting by Yuka Obayashi; Editing by Rashmi Aich)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CNOOC LIMITED 0.65% 7.79 End-of-day quote.8.50%
IDEMITSU KOSAN CO.,LTD. -0.19% 2596 End-of-day quote.14.36%
LONDON BRENT OIL -0.32% 75.56 Delayed Quote.44.56%
MITSUBISHI CORPORATION -1.03% 3077 End-of-day quote.21.09%
ROYAL DUTCH SHELL PLC 3.66% 17.324 Real-time Quote.18.54%
S&P GSCI NATURAL GAS INDEX -2.02% 186.2534 Delayed Quote.56.24%
TOKYO GAS CO.,LTD. 2.17% 2122 End-of-day quote.-10.99%
WTI -0.14% 73.161 Delayed Quote.49.35%
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Financials
Sales 2022 5 828 B 53 211 M 53 211 M
Net income 2022 111 B 1 013 M 1 013 M
Net Debt 2022 1 023 B 9 345 M 9 345 M
P/E ratio 2022 6,95x
Yield 2022 4,85%
Capitalization 772 B 7 046 M 7 046 M
EV / Sales 2022 0,31x
EV / Sales 2023 0,30x
Nbr of Employees 14 044
Free-Float 69,7%
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Idemitsu Kosan Co.,Ltd. Technical Analysis Chart | 5019 | JP3142500002 | MarketScreener
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Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 2 596,00 JPY
Average target price 2 857,00 JPY
Spread / Average Target 10,1%
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Managers and Directors
Shunichi Kito President & Representative Director
Noriaki Sakai Chief Financial Officer
Takashi Tsukioka Chairman
Takeo Kikkawa Independent Outside Director
Mackenzie Clugston Independent Outside Director