ITOCHU Corporation (“ITOCHU”), The JAPAN ENERGY CORPORATION ("J Energy"),ITOCHU ENEX CO., LTD ("Enex"), OSAKA GAS CO., LTD. ("Osaka Gas"), and NISSHO PETROLEUM GAS CORPORATION ("Nissho") have done the investigation designed to restructure and merge Liquid Petroleum Gas ("LPG") operations (announced on February 21, 2008) now have reached a basic agreement to establish a new company to merge the functions of import and wholesales as follows;

1. Outline of the integrated new company

2. Background and Objective

The Japanese LPG industry is currently in a difficult business environment due to rising prices of LPG imports and sluggish growth prospects caused by fierce competition with other energy sources and the five concerned parties have hereby reached the mutual conclusion that individual efforts to streamline operations are insufficient for weathering the difficult situation.
The five concerned parties, intending to create an LPG business group which will be capable of efficiently providing a stable supply of LPG products with a comprehensive competitive edge across the entire range of LPG operations from overseas procurement to retail sales, have investigated the scheme of alliance.

3. Future schedule

The five concerned parties will investigate the details to establish the integrated new company and investigate a scheme to align operations and capital of J Energy, Nissho, and Enex retail affiliates in order to strengthen competitiveness in the retail segment.

Related Information

• Document 1 : Company Summaries
• Document 2 : Summary of LPG Operations at Each Company

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