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    8001   JP3143600009

ITOCHU CORPORATION

(8001)
  Report
Delayed Japan Exchange  -  01:00 2022-12-02 am EST
4168.00 JPY   -2.21%
12/02Itochu : Personnel Change
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12/01Allegiance Coal Regains 100% Ownership of Telkwa Coal; Shares Climb 4%
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11/30Itochu : Teijin and JGC to Establish RePEaT Co., Ltd. to License Polyester Chemical Recycling Technology
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Japan firms eye ammonia, methanol projects in Canada, Alberta minister says

10/03/2022 | 02:29am EST
FILE PHOTO: An LNG tanker is tugged towards a thermal power station in Futtsu

TOKYO (Reuters) - Japanese companies are looking to invest in the Canadian province of Alberta to produce ammonia and methanol in the effort to build global supply chains of greener energy to fight climate change, a provincial minister said.

Home to Canada's oil sands, Alberta aims to become a hub for hydrogen production as well as carbon storage, as the world tries to cut climate-warming carbon emissions.

As part of such efforts, Japan wants to step up investment in liquefied natural gas (LNG) and low-carbon fuels such as hydrogen and ammonia to ensure stable supply and reach a goal of carbon neutrality by 2050.

"We are having LNG conversations with Japanese companies as well, but most of their interests are around new projects for hydrogen, meaning ammonia or methanol," said Dale Nally, Alberta's associate minister of natural gas and electricity.

"Japan wants diversified clean energy portfolio and they also want a diversity of jurisdictions that they get that energy from," he told Reuters on Friday.

The resource-poor Asian nation views Alberta as a secure provider of diversified clean energy products, he added.

Japanese trading company Itochu Corp and Malaysia's state energy firm Petronas are already exploring the feasibility of one of the world's largest production facility of low-carbon ammonia and methanol in Alberta.

They aim to start construction there in 2024, with commercial production to follow in 2027.

Itochu's rival, Mitsubishi Corp, and Shell Canada signed a pact last year to produce low-carbon hydrogen in Alberta.

"There are other Japanese companies that are looking to get into ammonia and methanol space in Alberta," Nally said, though he declined to give specific names.

"These companies looking to produce clean hydrogen need carbon capture utilization storage (CCUS) to do that, so they will be also looking to invest in CCUS," he added.

(Reporting by Yuka Obayashi; Editing by Clarence Fernandez)

By Yuka Obayashi


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL -1.49% 85.9 Delayed Quote.11.13%
ITOCHU CORPORATION -2.21% 4168 Delayed Quote.21.15%
MITSUBISHI CORPORATION -2.25% 4441 Delayed Quote.24.40%
S&P GSCI NATURAL GAS INDEX -6.78% 294.0819 Real-time Quote.80.64%
WTI -1.34% 80.208 Delayed Quote.6.89%
All news about ITOCHU CORPORATION
12/02Itochu : Personnel Change
PU
12/01Allegiance Coal Regains 100% Ownership of Telkwa Coal; Shares Climb 4%
MT
11/30Itochu : Teijin and JGC to Establish RePEaT Co., Ltd. to License Polyester Chemical Recycl..
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11/29Itochu : Announces Signing of Capital and Business Alliances with ROSI, a Solar Panel Recy..
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11/27Itochu : Announces Investment in Impact Bioenergy, Inc., a manufacturer and distributor of..
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11/23Itochu : Announces Start of Delivery Demonstration Using Battery-Swapping Mini Electric Tr..
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11/22ELEMENTS, Inc. has filed an IPO.
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11/20Nikkei little changed, pinned down by rates worry
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More news
Financials
Sales 2023 13 301 B 98 281 M 98 281 M
Net income 2023 784 B 5 796 M 5 796 M
Net Debt 2023 2 537 B 18 748 M 18 748 M
P/E ratio 2023 7,77x
Yield 2023 3,34%
Capitalization 6 104 B 45 101 M 45 101 M
EV / Sales 2023 0,65x
EV / Sales 2024 0,65x
Nbr of Employees 115 124
Free-Float 87,9%
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Technical analysis trends ITOCHU CORPORATION
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Mean consensus BUY
Number of Analysts 9
Last Close Price 4 168,00 JPY
Average target price 4 811,11 JPY
Spread / Average Target 15,4%
EPS Revisions
Managers and Directors
Masahiro Okafuji Chairman & Chief Executive Officer
Keita Ishii President, COO & Representative Director
Tsuyoshi Hachimura CFO, Representative Director & Executive VP
Fumihiko Kobayashi Representative Director & Executive Vice President
Atsuko Muraki Independent Director
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