INPEX corporation announced that through its wholly owned subsidiary INPEX Trading, Ltd has set up a wholly owned subsidiary INPEX Energy Trading Singapore, and opened INPEX’s newest overseas office in Singapore for the purpose of enhancing its marketing activities and shipping coordination function for crude oil, condensate and LNG.
Through INPEX Trading, the INPEX Group has been conducting marketing activities of the entitlement crude oil and condensate etc. INPEX develops and produces in the overseas projects. In anticipation of further increased volumes of such entitlement by developing the Icthys LNG Project, Prelude Project and other projects, INPEX has decided to set up a new office in Singapore, one of the hubs for energy trading, to strengthen INPEX’s marketing activities in Asia where energy demand is expected to grow, to make shipping operation more efficient and to enhance the capability of information-gathering on energy market.
Shipping operation means management and administration of shipping of the LNG to be produced from the INPEX operated Icthys LNG Project, offshore Western Australia.
INPEX has actively been pursuing three growth targets (Continuous Enhancement of E&P Activities, Strengthening Gas Supply Chain, Reinforcement of Renewable Energy Initiatives) as addressed in the “Medium- to Long-Term Vision of INPEX”. Establishing INPEX Energy and opening its Singapore Office is a part of the pursuit.