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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 -0.67% 8.84 End-of-day quote.23.12%
IDEMITSU KOSAN CO.,LTD. -1.16% 2737 End-of-day quote.20.57%
LONDON BRENT OIL -0.33% 72.6 Delayed Quote.43.56%
MITSUBISHI CORPORATION -0.29% 3060 End-of-day quote.20.43%
ROYAL DUTCH SHELL PLC -0.39% 17.226 Real-time Quote.17.87%
S&P GSCI NATURAL GAS INDEX -1.56% 150.9505 Delayed Quote.28.83%
TOKYO GAS CO.,LTD. -1.01% 2162 End-of-day quote.-9.31%
WTI -0.29% 70.625 Delayed Quote.50.22%
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Sales 2021 4 593 B 41 649 M 41 649 M
Net income 2021 30 738 M 279 M 279 M
Net Debt 2021 1 119 B 10 148 M 10 148 M
P/E ratio 2021 26,5x
Yield 2021 4,38%
Capitalization 814 B 7 375 M 7 378 M
EV / Sales 2021 0,42x
EV / Sales 2022 0,29x
Nbr of Employees 13 766
Free-Float 69,7%
Duration : Period :
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Technical analysis trends IDEMITSU KOSAN CO.,LTD.
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Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 2 837,00 JPY
Last Close Price 2 737,00 JPY
Spread / Highest target 31,9%
Spread / Average Target 3,65%
Spread / Lowest Target -14,1%
EPS Revisions
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
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