Challenges facing the Japanese Oil Industry -what we have done & what we are going to do-

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1 Leaders Panel-The 33 rd JCCP International Symposium Challenges facing the Japanese Oil Industry -what we have done & what we are going to do- January Michio Ikeda

2 1. Declining Oil Demand in Japan Domestic Fuel Demand Trend( ) 30 (Unit: million KL) : Peak of the demand (246mmkls) Major Reasons behind the Structural Decline 1.Decreasing birthrate and aging population 2.Improving energy efficiency 3.Shift to other energy sources : Structural downward trend continues ( 1.7% p.a.*). (*) Resumption of nuclear power plants is not taken into account : First Oil Crisis : Second Oil Crisis : Temporary demand increase for power generation after the earthquake. 2030: About 60% of the peak demand in 1999 Gasoline Naphtha Jet Fuel Kerosene Diesel Fuel Heavy Fuel Oil Source: METI data 2

3 2. Curtailment of the Refining Capacity The relevant law was enacted in Mar 2009 The Objective: Enhancing cracking ratio Progress of the capacity curtailment 1st phase: Sep Mar.2014 CDU: 1,000KBD 2nd phase: Aug Mar.2017 CDU: 400KBD (planned) Refinery Operation Rate % JX Muroran Refinery CDU: 180KBD 0 Transformed to a chemical plant (Unit: 10,000bd) 500 Normalization of the S&D balance as a result % (planned) 300 Teiseki Topping Plant: Kubiki Refinery % 75% % Capacity Demand % Operation Rate 0 60% 2008 Source: METI data Source: METI data 3

4 3. Measures to Strengthen the Competitive Edge Challenges facing the Japanese oil industry 1)Declining Oil Demand since )Deregulation of the Oil Industry in ) Shift to Petrochemicals PET bottles produced from PX 2) Oil Products Export Osaka Ref.-JX/Petro China JV 3) Enhanced Efficiency of Refinery Operation Tunnels connecting the two refineries 4) Corporate Integration Predecessors of JX 4

5 3. Measures to Strengthen the Competitive Edge 1) Shift to Petrochemicals Aromatics production from MOGAS components JX s Production Capacity (MMTA) Upgrading FCC propylene to polymer grade Paraxylene(PX) Benzene(BZ) Propylene(PY) Petrochemical operations at JX refineries/plants Chita Muroran PX: 380kT BZ: 230kT Global PX Capacity (MMTA) Sendai PX: 840kT BZ: 540kT PY: 190kT BZ:110kT PY: 70kT Marifu Kashima PY: 45kT All Japan: 5.0 (* Including Refinery Grade 0.3) BZ:80kT PY:80kT Mizushima : 3.1 : 1.9 : 1.2* PX: 590kT BZ: 270kT PY: 70kT 1 SINOPEC Exxon Mobil JX BP SK 2.6 Source: IHS data Oita PX: 420kT BZ: 160kT PY: 60kT Refinery Plant Osaka PY: 75kT Kawasaki/Negishi Overseas Operations PX: 350kT P.C.Aromatics Malaysia/Kerteh) BZ: 220kT PX: 500kT, BZ:190kT Entitlement10% PY: 550kT Ulsan Aromatics South Korea/Ulsan) PX: 1,000kT,BZ:550kT Entitlement 50% 5

6 HS-FCC (High Severity-FCC) Our proprietary technology for gaining higher Propylene yield Conventional FCC process v.s. HS-FCC process Reaction temperature( Reaction time(sec) Yield(wt%) Propylene Gasoline Pilot Plant at Mizushima Ref. Conventional FCC HS-FCC octane) octane) Flow in 6

7 3.Measures to Strengthen the Competitive Edge 2) Oil Products Export Main mission of the oil industry: stable supply to the domestic market Poor export facilities: less competitive to the Koreans on the offshore trading market The export volume has been gradually increasing: utilizing surplus capacity optimizing S&D balance Oil Products Export(FY ) JV with Petro China Osaka Unit: 10,000kl Heavy Fuel Oil B&C Heavy Fuel Oil A Diesel Fuel Kerosene Jet Fuel Naphtha Gasoline JV Company :Osaka International Refining Co. Established :October 2010 Shareholders :JX 51%, Petro China 49% Function :Export oriented Refining Capacity :115kBPSD Source: METI data 7

8 3.Measures to Strengthen the Competitive Edge 3) Enhanced Efficiency of Refinery Operation Major reasons behind weakness of the refineries Stringent regulations on safety & environment Higher personnel cost Aged and small size manageable Insufficient cracking capacity ratio 1 An Integration in Mizushima JX B factory JX A factory How to cope with the aged Refinery Age Mechanical Availability(MA) Mechanical Availability(MA) Maintenance Index(MI) Safety consciousness and technical capability of refinery staff / operators How to cope with the small size Integration of adjacent refineries 1 Mizushima : Nippon Oil & Japan Energy refineries Started from 2003 JX 2 Chiba : Cosmo Oil & Kyokuto Oil refineries Starting from 2015 under a JV co. 2 An Integration in Chiba Cosmo Oil Kyokuto Oil 1 (Mizushima) 2 (Chiba) 8

9 3.Measures to Strengthen the Competitive Edge 4) Corporate Integration Reorganization of Oil Companies in Japan Sources for synergy effect under corporate integration Expansion in scale Elimination of overlapping Mutual complementation Merger in Apr 1999 Merger in Apr 2010 Integration in 2015(?) Source: PAJ 9

10 4. New Business Development 1) The Areas where Japanese Oil companies explore new opportunities (1) Power & Gas Business on the domestic market (2) Refining & Marketing Business in Southeast Asia (3) Renewable Energy Business like PV and wind power in and out of the country 2) Strategy of JX for New Business Development (1) To explore opportunities in energy related areas (oil, coal, gas&power) (2) To utilize core competence built up through existing operation (3) To develop sizable business to make up for shrinking domestic operation 10

11 Thank you for your attention!

12 Appendix (1) Summary of JX Group Operations Energy Business Market share of domestic sales of petroleum products Approx. 37% *1 (No.1 in Japan) Oil and Natural Gas Exploration and Production Business Crude oil and natural gas sales volume(a project company basis) 120 Approx. thousand *4 barrels/day (B/D) Market share of domestic sales of lubricant products 37 *2 Approx. % (No.1 in Japan) Paraxylene supply capacity 3,120 thousand *3 tons/year Metals Business Equity entitled copper mine production Approx. 130 thousand tons/year *5 + Listed subsidiaries and Others NIPPO Toho Titanium*7 Refined copper production capacity Worldwide business activities in such areas as Malaysia, Vietnam, North Sea (UK), Middle East and others (No.1 supplier in Asia) 1,170 thousand tons/year *6 Electronic Materials; Products with world No.1 market shares Common function companies Independent companies *1 *4 *5 *6 *7 *2 FY2013 actual *3 As of Jun FY2013 actual Crude oil equivalent (average daily production from Jan. to Mar actual) Equity entitled copper production contained in copper concentrate (CY2013 actual) Pan Pacific Copper (66.0% equity stake) ; 610 thousand tons/year + LS-Nikko Copper (39.9% equity stake) ;560 thousand tons/year (As of Jun. 2014) Profit and loss of Toho Titanium is included in the Metals Business. 12

13 Appendix (2) Corporate profile CDU Capacity : 1,424 Net Sales : 121 billion US$ / 2013FY Operating income : 2 billion US$ / 2013FY ENEOS Gas Stations : Domestic Fuel Oil Sales : 71 million kiloliters Market share : 37 % in Japan 11,000 KBD / 2013FY in Japan 13

14 Appendix (3) JX Refineries and Lubricant / Petrochemical plants JX Nippon Oil & Energy has 7 refineries and 5 plants in Japan. Refinery Mizushima 345 kbd Plant JV with Petro China Muroran Osaka 115 kbd (Petrochemical) Marifu 127 kbd Sendai 145 kbd Kashima 189 kbd Oita 136 kbd Kawasaki (Petrochemical) Yokohama Kainan (Lubricant) Chita (Petrochemical) Negishi 270 kbd (Lubricant) 14

15 Appendix (4) About the speaker Michio Ikeda is Executive Vice President of JX Nippon Oil & Energy Corporation in Japan. He began to work for Mitsubishi Oil Company in In the first 24 years of his career with the company, he was mainly engaged in crude oil acquisition, petroleum products trading, and overseas project development. In 1998, he was assigned to corporate planning, where he was chiefly involved in two mergers, or one with Nippon Oil in 1999, and the other with Japan Energy in The outcome of the two mergers is JX Nippon Oil and Energy Corporation, a leading refiner-marketer and an integrated energy supplier in Japan. He was named as Senior Vice President in 2010, and as Executive Vice President in He has been sitting on the board of the company since

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