PAJ head commits to a transparent market

Petroleum Association of Japan (PAJ) formally appointed Akihiko Tembo, president of Idemitsu Kosan Co., Ltd., as new president of PAJ to succeed Fumiaki Watari, president and CEO of Nippon Oil Corporation. As head of PAJ, Tembo swore to establish a fair and transparent market, tackle the prevalence of bio-gasoline, oppose incorporation of the revenue for road construction into the general revenue and eliminate the limit on open interest in near-month contracts. He also explained the importance for the oil industry to sell bio-gasoline (gasoline blended with bio-ETBE) by around 210,000 kiloliters in crude oil equivalent by 2010. (May 26/28, 2008)