Nov. 27, 2014
Cosmo Oil Co., Ltd.
Showa Shell Sekiyu K.K.
Sumitomo Corporation
TonenGeneral Sekiyu K.K.
Notice on Executive Team for Integrated LP Gas Import and Wholesale Company
Cosmo Oil Co., Ltd. (“Cosmo Oil”; Keizo Morikawa, President), Showa Shell Sekiyu K.K. (“Showa Shell”; Shigeya Kato, Chairman/Group CEO), Sumitomo Corporation (Kuniharu Nakamura, President), and TonenGeneral Sekiyu K.K. (“TonenGeneral”; Jun Mutoh, President) have concluded an integration agreement (see earlier notice dated August 5, 2014) under which the four corporate groups will carry out absorption-type spin-offs of their LP gas import and wholesale operations and prepare to integrate these businesses on April 1, 2015, with Cosmo Petroleum Gas Co., Ltd.(a wholly-owned subsidiary of Cosmo Oil) as the receiving company. The four full-time directors of this integrated company have now been informally selected, and this notice provides their names as well as a list of the company’s principal business offices and the future schedule for integration.
It should be noted that this business integration is contingent on approval from the relevant authorities.
1. Full-time directors
| Title | Name | Current position |
|---|---|---|
| President and Representative Director | Kazunori Yamamoto | President, Enessance Holdings Co., Ltd. |
| Executive Vice President and Director (in charge of overseas/supply operations) |
Shigeki Nara | Assistant to General Manager, Energy Division, Sumitomo Corporation |
| Executive Vice President and Director (in charge of sales operations) |
Toshiyuki Yokota | Executive Officer, Crude & Product Trading Manager, Supply & Trading, TonenGeneral Sekiyu K.K. |
| Executive Vice President and Director (in charge of administrative operations) |
Yoshihiro Masuda | Director and Head, Integration Task Force, Cosmo Petroleum Gas Co., Ltd. |
In addition to the above directors, four other (part-time) directors, one full-time corporate auditor, and three other corporate auditors are to be appointed (these appointments will be announced at a later date).
2. Principal offices (planned)
| Head office and sales locations | : |
Head Office Sales locations |
:Tokyo :Sendai, Tokyo, Nagoya, Osaka, Takamatsu, Fukuoka, Naha |
| Seven LP gas import terminals | : | Kashima, Chiba, Kawasaki, Hekinan (Aichi Prefecture), Yokkaichi, Sakai, Oita | |
| Four LP gas secondary terminals | : | Shimizu, Sakaide, Matsuyama, Hiroshima | |
3. Future schedule
Conclusion of agreements on absorption-type company splits Dec 2014 – Jan 2015 (tentative)
Effective date of business integration Apr 1, 2015 (tentative)
Appendix ①: Career summaries for four full-time directors
| Kazunori Yamamoto Age 63 |
1974 2004 2006 2007 2011 |
Joined Shell Sekiyu K.K. (now Showa Shell Sekiyu K.K.) General Manager, Oil Tanker Division, Showa Shell Sekiyu K.K. Executive Officer for Maritime Shipping, General Manager, Oil Tanker Division, and General Manager, Product Trade Division, Showa Shell Sekiyu K.K. Managing Executive Officer for Maritime Shipping, General Manager, Oil Tanker Division, and General Manager, Product Trade Division, Showa Shell Sekiyu K.K. President, Enessance Holdings Co., Ltd. |
| Shigeki Nara Age 60 |
1978 2003 2006 2008 2012 2014 |
Joined Sumitomo Corporation Director and General Manager, Corporate Management Division, Sumisho LPG Holdings Co., Ltd. Director and General Manager, Administration Division, LNG Japan Corporation General Manager, LPG Business Department, Energy Division, Sumitomo Corporation General Manager, Energy Trade Department, Energy Division, Sumitomo Corporation Assistant to General Manager, Energy Division, Sumitomo Corporation |
| Toshiyuki Yokota Age 59 |
1980 2001 2004 2005 2012 |
Joined Mobil Sekiyu K.K. (now EMG Marketing Godo Kaisha) Product Supply Coordination Division Manager, Product Coordination Dept., TonenGeneral Sekiyu K.K. Manager, Product Trading Dept., TonenGeneral Sekiyu K.K. Operations Manager, Industrial & Wholesales, Fuels Marketing, ExxonMobil Yugen Kaisha (now EMG Marketing Godo Kaisha) Executive Officer, Crude & Product Trading Manager, Supply & Trading, TonenGeneral Sekiyu K.K. |
| Yoshihiro Masuda Age 54 |
1983 2011 2013 2014 |
Joined Daikyo Oil Co., Ltd. (now Cosmo Oil Co., Ltd.) General Manager, Planning Division, Cosmo Petroleum Gas Co., Ltd. Director and General Manager, Supply Division, Cosmo Petroleum Gas Co., Ltd. Director and Head, Integration Task Force, Cosmo Petroleum Gas Co., Ltd. |
Appendix ②: Profile of integrated import and wholesale company (tentative)
| (1)Description of business | : | Manufacture, storage, transport, sale and import/export of LP gas |
| (2)Capital | : | 11 billion yen |
| (3)Settlement period | : | December |
| (4)Shareholders and ownership | : | Cosmo Oil Co., Ltd. (25%), Showa Shell Sekiyu K.K. (25%), Sumitomo Corporation (25%), TonenGeneral Sekiyu K.K. (25%) |
| (5) Sales revenue | : | Approx. 450 billion yen |
| (6) Domestic sales volume (excluding LPG used as electric power and raw material) | : | Approx. 3.7 million tons |
| (7) Import volume | : | Approx. 2.8 million tons |
| (8) Overseas trading volume | : | Approx. 1 million tons |
| (9) Principal subsidiaries and affiliates |
: |
Yokkaichi LPG Terminal Co., Ltd. Kashima LPG Joint Stockpiling Co, Ltd. Oita LPG Joint Stockpiling Co., Ltd. Hiroshima LPG Terminal Co., Ltd. |
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