He declined to elaborate but added that a public announcement on this will be made at a later date.
The company will likely open the Singapore office in September or October and may purchase LPG to import into Japan, two sources familiar with the matter said.
Gyxis, one of four major LPG firms in Japan, was set up in 2015. It combined the LPG businesses of Cosmo Oil Co, Showa Shell Sekiyu, Sumitomo Corp and TonenGeneral Sekiyu KK, which later merged with JX Nippon Oil to create JXTG Nippon Oil & Energy Corp.
LPG, a product from crude oil refining and natural gas production, is a mixture of propane and butane that is used for cooking and as a transport fuel. It is also an important feedstock for the petrochemical industry.
Asia is the world’s biggest LPG importing region, with China, India, Japan and South Korea together taking in one-third of globally shipped LPG, according to trade data.
Gyxis transports LPG to Japan through long-term purchase agreements with exporters in the United States and natural gas producing countries in the Middle East, according to the company website.
It imports about 2.8 million tonnes of LPG every year to its seven primary import terminals in Japan, the website states.
REUTERS