Asia/Pacific News
Mitsubishi to Integrate Bunker Sales Arm
Mitsubishi Corporation (Mitsubishi) Monday announced that it will be the transferring its bunker and fuel oil sales business for industrial customers to its wholly owned subsidiary Mitsubishi Shoji Sekiyu Co., Ltd. (MCS) through "an absorption-type company split."
Mitsubishi will be merging its MCEnergy, Inc. (MCE) with MCS, and renaming the new entity to Mitsubishi Corporation Energy Co., Ltd. (Mitsubishi Corporation Energy) effective October 1, 2015.
Mitsubishi Corporation Energy's business scope in intended to include domestic sales and trade of gasoline, gasoil, kerosene, fuel oil type-A, fuel oil for industrial customers, bunker fuel oil, lubricant oil for ships, and asphalt for road construction.
Mitsubishi says the merger will streamline its domestic petroleum products business and strengthen the management infrastructure of its newly merged and renamed subsidiary.
The company also noted that the merger process will have a negligible impact on performance.
Last year Mitsubishi, along with GDF SUEZ and Nippon Yusen Kaisha Line (NYK), said they plan to "develop the LNG bunkering market worldwide."
