Katsuki, Taiheiyo to combine petrol units

Japan’s Katsuki Oil Co. and Taiheiyo Sekiyu Hanbai Co., which operate filling stations, will set up a 50-50 joint venture (JV) by the end of fiscal 2007-08, in a bid to integrate their petrol product businesses, the two companies said. The JV, to be named Hokkaido Energy, will have a registered capital of ¥480 million (US$4 million). Katsuki Oil is a dealer of major Japanese oil distributor Nippon Oil Corp., which in turn, is a main shareholder in Taiheiyo Sekiyu Hanbai. The establishment of Hokkaido Energy will also contribute to the on-going restructuring of Nippon Oil’s sales division. (July 30, 2007)