1 Supporting Material for the Second Quarter Results 217 8 th August 217 Showa Shell Sekiyu K.K
Notes 2 This document contains forward-looking statements concerning the results of operations and businesses of Showa Shell Sekiyu K.K.. Forward-looking statements are statements of future expectations that are based on management s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements.
Jan-Jun 217 Overview Jan-Jun Jan-Jun 217 Billion Yen Oil Business operating income (CCS*) 22.4 2.7 Energy Solutions Business operating income -3.4-4.2 CCS* operating income 19. 16.5 Ordinary income 13.2 27.3 CCS* ordinary income 16.6 2.4 Net income attributable to owners of the parent 5.2 16. CCS* net income attributable to owners of the parent Net income attributable to owners of the parent per share, yen per share 7.5 11.3 13.9 42.6 Cash from operating activities 2.1-9.8 Dividend per share (yen/share) 19. 19. (Note) Others and adjustment are included in the Oil Business. * CCS: Current Cost of Supply ** Kodokaho: a law to enhance 1)non-fossil fuel use and 2)effective utilization of fossil fuel by energy suppliers. Financial Result Highlights Ordinary income on a current cost of supply (CCS) basis was 2.4 billion yen and inventory valuation was 6.8 billion. CCS operating income in the oil business decreased from the same period last year, but was in line with the plan during regular maintenance of our main Yokkaichi Refinery. The operating loss in the Energy Solutions Business improved during the alone, though the loss deteriorated during the 1H compared to the same period last year. Although there was a net cash outflow of 9.8 billion yen in operations during 1H 217 due to the variance in the timing of gasoline tax payments during the year-end/new Year period, operating cash flow was on par with the plan. Highlights (Oil) Domestic fuel margins improved as the price of crude oil remained relatively stable and the industry completed the Phase 2 of Kodokaho (**), among other factors. Although total domestic sales volume for gasoline, diesel oil, and the rest of the four main fuel types during the first half declined from the same period last year due to the impact from regular maintenance, demand in the retail segment remained firm. Highlights (Energy Solutions) (Solar Business) We focused on domestic sales based on the new business strategy. Panel prices continued to decline, but we controlled overseas sales and shipment volume trended in line with the plan, improving the operating loss for the compared to the same period last year. (Power Business) Group power plants continued to operate stably and efficiently, generating stable profit. Sales in both the high-power and low-power markets expanded steadily. 3
Business Environment Crude Oil and Foreign Exchange 4 USD/bbl Dubai crude oil Exchange rate (USD) Crude oil CIF Japan (JCC) Yen/USD Yen/L 8 125 6 7 12 19.4 113.6 55 5 6 5 43.2 43.2 48.2 53. 49.7 115 11 18. 12.4 111.1 45 4 35 28.2 29.9 31.6 39.6 37.3 4 3 3 2 15 1 25 2 15 1 3Q 4Q 1Q 217 217 4 5 6 7 8 9 11112 1 2 3 4 5 6 95 9 3Q 4Q 1Q 217 217 4 5 6 7 8 9 11112 1 2 3 4 5 6 1 5 3Q 4Q 1Q 217 217 4 5 6 7 8 9 11112 1 2 3 4 5 6 Source: Trade Statistics of Japan
Margin Environment Oil Business (Apr-Jun) 5 Japanese refining margins Asia Far East petrochemicals margins 16 /L 6 USD/ton 14 5 12 1 4 8 3 6 2 4 2 1 3Q 4Q 1Q 217 217 3Q 4Q 1Q 217 217 Gasoline Diesel oil Kerosene Mixed Xylene Propylene Benzene Domestic spot prices minus crude oil CIF Spot prices minus Dubai spot price The margins on domestic fuels improved compared to the previous quarter. The steep fall in the price of crude oil in May caused a temporary slump in the market, and this caused low margins in the month of May despite a subsequent rebound, causing the margin on gasoline to deteriorate slightly compared to the same period last year. However, the market has been stable from June onward. The margins on petrochemicals such as mixed xylene and benzene remained stable in general. The margin on mixed xylene, our mainstay product, remained at a good level despite a trend of gradual decline.
Highlights of Financial Results (Jan-Jun) 6 Crude oil price & exchange rate Highlights of financial results (million yen) 217 Jan-Jun Jan-Jun 217 Jan-Jun Jan-Jun Changes Dubai crude oil price (USD/bbl) 37.1 51.4 + 14.3 Exchange Rate ( /USD) 111.7 112.3 +.6 Changes vs. Sales 851,582 947,473 + 95,89 +11.3% Operating income 15,674 23,362 + 7,687 +49.% Non-Operating income -2,441 3,961 + 6,42 - Ordinary income 13,233 27,323 + 14,89 +16.5% Inventory valuation -3,42 6,831 + 1,234 - CCS ordinary income 16,636 2,492 + 3,855 +23.2% Extraordinary income 2,77-1,659-3,737 - Net income attributable to owners of the parent 5,233 16,46 + 1,813 +26.6% CCS net income attributable to owners of the parent 7,511 11,323 + 3,812 +5.8% Notes CCS ordinary income(ordinary income on Current Cost of Supply basis): Ordinary income based on costs excluding inventory valuation effects.
Information by Business Segment (Jan-Jun) 7 Sales (million yen) Operating income (million yen) 217 Jan-Jun Jan-Jun 217 Jan-Jun Jan-Jun Changes vs. Oil Business 784,476 895,542 + 111,66 +14.2% Energy Solutions Business 63,99 47,858-15,241-24.2% Others 4,5 4,71 + 66 +1.6% Total sales 851,582 947,473 95,89 +11.3% Changes vs. Oil Business 18,349 27,132 + 8,782 +47.9% Inventory valuation -3,42 6,831 + 1,234 - Oil Business CCS OP 21,751 2,3-1,451-6.7% Energy Solutions Business -3,415-4,237-822 - Others 739 444-294 -39.9% Adjustment 2 23 + 21 +15.% Total Operating Income 15,674 23,362 + 7,687 +49.% Total CCS operating income 19,77 16,53-2,546-13.4% Oil Business: Manufacturing and sales of oil products, such as gasoline, naphtha, kerosene, diesel oil, fuel oil, lubricants, LPG, bitumen, and chemicals Energy Solutions Business: Manufacturing and sales of solar modules and electricity Others: Leasing and administration of properties, construction works, sale and lease of auto accessories, etc.
Earnings Performance (Apr-Jun) 8 Oil Business Energy Solutions Business Billion yen 4 Quarterly operating income Billion yen 6 Quarterly operating income 3 4 2 2 1-2 -1-4 -2 3Q 4Q 1Q 217 217-6 3Q 4Q 1Q 217 217 CCS Oil Operating Income Oil Operating Income CCS operating income during the declined both year on year and quarter on quarter due to the impact of regular maintenance on our main Yokkaichi Refinery. Profit remained in line with the plan, however. The completion of Phase 2 of Kodokaho normalized the supply capacity for the industry as a whole, and resulted in generally stable margins domestically. The price of crude oil declined from the previous quarter, negatively affecting inventory valuation during the second quarter. The operating loss in the second quarter shrank from the loss recorded in the second quarter of last year and the previous quarter. In the solar business, the price of panels continued to decline, but we increased our focus on domestic sales in line with the new business strategy. This resulted in a profit loss that was smaller in magnitude than both the same period last year and the previous quarter. In the power business, Group power plants continued to operate stably and efficiently. This resulted in a steady expansion in sales and maintenance of stable profit.
Ordinary Income 1H vs 1H 217 9 (Unit: Billion Yen) Ordinary income +14. **Stock Effect etc. **Stock Effect etc. +3.3 3.2.2 1.2.6.2.2 CCS Ordinary income +3.8 +6.4 +6.8 3.4 13.2 16.6 2.4 27.3 13.2 Ordinary Income *CCS Ordinary Income Nonope. Oil Products Petrochemicals Refinery cost and Solar Business M&A Subsidiaries Power Business Others etc. *CCS Ordinary Income Ordinary Income 1H 1H 217 * CCS: Current Cost of Supply ** Including the effect of Lower of cost or market value method for Oil
Oil Business Operational Performance (Apr-Jun) 1 1 % Refinery utilization % 11 Domestic sales volume growth YonY (4 products total*) 9 1 8 9 7 1Q 215 215 3Q 215 4Q 215 1Q 3Q 4Q 1Q 217 217 8 1Q 215 215 3Q 215 4Q 215 1Q 3Q 4Q 1Q 217 217 Showa Shell Group refinery utilisation including planned SDM impact Japanese industry refinery utilisation including planned SDM impact Showa Shell Group refinery utilisation excluding planned SDM impact Source of Industry: Petroleum Association of Japan Showa Shell Industry * 4 products: Gasoline, Kerosene, Gas oil, A-type fuel oil Source of Industry: Statistics by METI Industry in 217 is based on flash report. The regular maintenance performed at the Yokkaichi Refinery during the second quarter was completed on schedule. The Group refinery operating rate excluding the impact from the regular maintenance remained at a high level and continued to exceed the industry average. Total domestic sales volume for the four main fuel types with relatively high value added, such as gasoline, diesel oil, kerosene, underperformed last year and the industry average due to the regular maintenance, but sales remained firm in the retail segment. Export volume for petrochemicals and other products declined compared to the same period last year due to the impact from the regular maintenance.
Crude Oil Refined and Sales Volume (Jan-Jun) 11 Crude oil refined & utilization rate 217 Jan-Jun Jan-Jun Changes Crude oil refined (thousand KL) 11,725 1,615-1,11 Refinery utilization rate 91.1% 82.9% - 8.2% Sales volume by products (Thousand KL) 217 Jan-Jun Jan-Jun vs. [Note] The numbers of crude oil refined and utilization rate based on Keihin(Toa Sekiyu), Yokkaichi, and Yamaguchi(Seibu Sekiyu) Refineries Gasoline 4,196 4,1-4.7% Jet Fuel 948 99 + 4.4% Kerosines 1,512 1,51 -.2% Diesel Oil 2,668 2,638-1.1% Fuel Oil A 1,47 1,23-2.3% Fuel Oil C 616 541-12.2% Chemicals*(thousand MT) 519 465-1.4% Others 1,134 1,193 + 5.1% Total Domestic sales 12,641 12,36-2.2% Export 1,285 415-67.7% Grand Total 13,927 12,775-8.3% *Chemicals: Mixed Xylene, Benzene, Propylene
Solar Business Operational Performance (Apr-Jun) 12 MW 4 Quarterly panel shipment volume MW 1, Panel allocation by region/usage 3 8 6 2 4 1 2 1Q 3Q 4Q 215 217 FY215 FY 217 Jan-Jun Japan Overseas for BOT Focusing on domestic sales and controlling overseas sales in line with the new business strategy kept panel shipment volume for the second quarter in line with the plan, despite a slight decrease from the same period last year. Full-scale marketing of SmaCIS, a strategic product for the residential market, began in July. There has been steady progress on spec-in by residential housing manufacturers, and order volume is trending as planned. The decision was made to begin taking orders for the SFK Series, a new type of CIS thin-film solar cell and a high-power product with much higher performance, from September 217. There are two models in the product line-up with the maximum output of 18W and 185W. We will continue to work on improving output.
New Business Strategy Progress 13 Item Action Progress and Forecast Shift to domestic sales Introduce SmaCIS, a strategic product exclusively for the residential market Launched in July 217. Steady progress has been made on spec-in at residential housing manufacturers. Introduce high-output solar modules for rooftops Will begin taking orders for the 18W and 185W products from September 217 onward. Will work to increase output further. Optimizing product development (R&D) and production structure Pursue profitability more than scale Restructure production Development of a super lightweight panel is underway for commercial production in 219 Work to increase the multifunctionality of the Kunitomi Plant. Begin production of a new high-output solar module and a product equivalent to the Tohoku Plant product from the 4Q. Began production of 2x4 products (Miyazaki Plant size) from the 1Q of 218. (Production at Miyazaki Plant will be halted in December 217 and transferred to Kunitomi Plant.) Temporarily halt production at the Tohoku Plant in September 217, aiming to start production of the super lightweight panel by 219. Control overseas sales Domestic sales accounted for around 9% of total sales in the 1H. Continue the strategy in the 2H. Sell BOT projects focused on economy We expect to achieve the planned profit for the full year. Steady execution of the new business strategy will improve profit very near to the breakeven point in the 2H of 217. Our goal is to move into the black for the full year in 218.
Cash Allocation and Shareholders Returns 14 12 1 Billion yen Cash flow gain/out Operating cash performance 8 6 Dividend pay-out Investment 4 2-2 21 211 212 213 214 215 217 Cash flow from operating activities Jan-Jun Cash flow from investing activities Dividend payout (%) 6 5 4 Gearing ratio Balance sheet Allocate funds to the following areas in a balanced manner: Investment in future growth Maintain a strong financial base and a high credit rating Provide a stable and attractive return to shareholders Although there was a net cash outflow of 98 billion yen in operations during 217 due to the variance in the timing of gasoline tax payments during the year-end/new Year period, operating cash flow was on par with the plan. 3 2 21 211 212 213 214 215 217 Jan-Jun The gearing ratio temporarily deteriorated to 33.2% at the end of June due to the variance in the timing of gasoline tax payments mentioned above, but we expect this to improve by the end of 217. *Gearing ratio: Net interest-bearing debt / (Total shareholders' equity + net interest-bearing debt)
Shareholders Returns 15 Unit: Yen 213 214 215 217 Full-year dividend per share 38 38 38 38 38(Forecast) Interim dividend per share 19 19 19 19 19 5-year forecast of operating cash flow/allocation under the Mid-Term Business Action Plan (213-217 ) We expect to generate strong operating cash flow and forecast annual dividends per share of 38 yen, on par with last year, based on our policy of providing a stable and attractive return to shareholders. The interim dividends will also be maintained at 19 yen per share, on par with last year. We anticipate that we will continue to secure sufficient cash flow to provide stable dividends and engage in strategic investment.
Forecast of Full Year Results for 217 16 Revisions made only for CCS-base and business segment incomes million yen 217 Announced in Feb Announced in Aug Changes Net sales 2,8, 2,8, + Operating income 63, 63, + Inventory valuation 2, 12, - 8, CCS operating income 43, 51, + 8, - Oil Business 43, 56, + 13, - Energy Solutions Business -5, - 5, - Others and adjustment* - - - Billion yen 7 6 5 4 3 2 1 Operating Income by segment Oil Business inventory valuation Oil Business CCS operating Income Operating income 63. Ordinary income 68, 68, + CCS ordinary income 48, 56, + 8, Net income attributable to owners of the parent 43, 43, + *217 forecast for Others and adjustment is included in the Oil Business. -1 Announced in Feb Energy Solutions Business Announced in Aug *Previous forecast in Feb of OP for ES Business was zero. <Key factors for forecast> Oil Business: The latest view for crude oil prices and currency rate reflected. Positive inventory valuation effects will shrink in full year. Expect the rise of domestic fuel margins mainly due to the effects from refining capacity cut-down by 2 nd Kodokaho. Energy Solutions Business: Solar Business: Losses will expand due to the delay of the launch of new higher-output solar modules. Meanwhile BOT project sales profits and continuous cost reduction expected in 2H. Electric Power Business: Expect steady profits based on stable and efficient power plant operations at a high utilization.
Base Assumptions and Sensitivity Analysis 17 Crude oil price & exchange rate (Full year average) Forecast Forecast in Feb in Aug Dubai crude oil price (USD/bbl) 55 51 Exchange rate (Yen/USD) 115 113 Inventory valuation sensitivity (Only for July to December, 217) Unit Impact to inventory valuation (billion yen) Dubai crude oil price 1 USD/bbl 1.4 Exchange rate 1 Yen/USD.6 * The impact would change by the timing of crude oil price fluctuation and inventory volume. * Sensitivity for Lower of Costs or Markets not included.
Topics Aliance with Idemitsu Kosan 18 (1) Details of the Aliance Realizing synergies from the integration in the domestic oil business We will realize synergies through the following collaborative activities prior to the integration. Optimization of crude oil purchase and transport Optimization of production planning Exchange of finished products and semi-products for optimal production Efficiency improvement in logistics network (Lorry/Barge) Reduction in refinery cost Implementation of best practice to save energy and improve refinery margins Cost reduction in manufacturing by joint procurement Synergy target We aim to capture the following synergy effects as one of steps for the business integration*. Target: More than 25 billion of annual synergies within 3 years from April 217 Section Purchase of crude oil Supply Manufacturing/ Procurement Logistics/ Sales Administrative sectors Total Expected effect 1 bil. 12 bil. 7 bil. 4 bil. 1 bil. > 25 bil. *5 billion yen of annual synergies within 5 years expected when the business integration happens.
Topics Aliance with Idemitsu Kosan 19 (2) Results for April-June 217 Section Category Purchase of crude oil Spot procurement of crude oil Improve the efficiency of ship allocation operations Reduce fuel cost for crude oil tankers Reduce cost of reserves Supply and demand Loaning of products and raw materials during regular refinery maintenance Administrative segments Joint procurement While there was a limited amount of synergy during the period in question, we will steadily pursue efforts to achieve it. (3) Status of other initiatives Resume talks on the exsisting projects to realize synergies as quick as possible after the integration and identify more projects of that kind. (We begin talks between business divisions once clearance on the Antimonopoly Act has been obtained.) Take further steps to integrate employees (roll out according to three pillars) Steps to integrate and overcome conflicts in collaboration (workshops led by an outside instructor) Steps to integrate and achieve results together (theme-based study sessions, communication plans) Steps to integrate and get to know one another better (exchange plans for different grade levels)
Data Book 2
Highlights of Financial Results (Apr-Jun) 21 Crude oil price & exchange rate Highlights of financial results (million yen) 217 Apr-Jun Apr-Jun 217 Apr-Jun Apr-Jun Changes Dubai crude oil price (USD/bbl) 43.2 49.7 + 6.5 Exchange Rate (\/USD) 18. 111.1 +3.1 Changes vs. Sales 418,797 444,357 + 25,559 +6.1% Operating income 23,812 718-23,93-97.% Non-Operating income -1,77 2,445 + 4,215 - Ordinary income 22,41 3,164-18,877-85.6% Inventory valuation 14,62-1,634-16,254 - CCS ordinary income 7,421 4,799-2,622-35.3% Extraordinary income -594-591 + 2 - Net income attributable to owners of the parent 12,175 1,952-1,222-84.% CCS net income attributable to owners of the parent 2,389 3,83 + 693 +29.% Notes CCS ordinary income(ordinary income on Current Cost of Supply basis): Ordinary income based on costs excluding inventory valuation effects.
Information by Business Segment (Apr-Jun) 22 Sales (million yen) Operating income (million yen) 217 Apr-Jun Apr-Jun 217 Apr-Jun Apr-Jun Changes vs. Oil Business 391,645 416,67 + 25,25 +6.4% Energy Solutions Business 25,126 25,562 + 435 +1.7% Others 2,25 2,124 + 99 +4.9% Total sales 418,797 444,357 + 25,559 +6.1% Changes vs. Oil Business 26,428 1,684-24,744-93.6% Inventory valuation 14,62-1,634-16,254 - Oil Business CCS OP 11,88 3,318-8,489-71.9% Energy Solutions Business -2,996-1,148 + 1,848 - Others 383 159-223 -58.5% Adjustment -2 23 + 26 - Total Operating Income 23,812 718-23,93-97.% Total CCS operating income 9,191 2,353-6,838-74.4% Oil Business: Manufacturing and sales of oil products, such as gasoline, naphtha, kerosene, diesel oil, fuel oil, lubricants, LPG, bitumen, and chemicals Energy Solutions Business: Manufacturing and sales of solar modules and electricity Others: Leasing and administration of properties, construction works, sale and lease of auto accessories, etc.
Crude Oil Refined and Sales Volume (Apr-June) 23 Crude oil refined & utilization rate 217 Apr-Jun Apr-Jun Changes Crude oil refined (thousand KL) 5,716 4,626-1,9 Refinery utilization rate 88.8% 71.8% - 17.% [Note] The numbers of crude oil refined and utilization rate based on Keihin, Yokkaichi, and Yamaguchi Refineries Sales volume by products (Thousand KL) 217 Apr-Jun Apr-Jun vs. Gasoline 2,118 2,33-4.% Jet Fuel 485 514 + 6.% Kerosines 327 35 + 7.2% Diesel Oil 1,352 1,326-2.% Fuel Oil A 43 429 -.2% Fuel Oil C 37 274-1.8% Chemicals*(thousand MT) 256 183-28.5% Others 595 613 + 3.2% Total Domestic sales 5,871 5,723-2.5% Export 675 29-95.8% Grand Total 6,545 5,751-12.1% *Chemicals: Mixed Xylene, Benzene, Propylene
Quarterly Trend of Ordinary Income 24 Billion yen 4 32.5 3 2 1 7.9 21.4 4. 8. 22. 11.3 9.2 7.4 7.8 23.3 12.2 24.1 15.6 3.1 4.7-1 -9.2-8.8-2 -18.8-17.7 Ordinary Income CCS Ordinary Income -3 1Q 3Q 4Q 1Q 3Q 4Q 1Q 215 217
Quarterly Trend of Operating Income by Business Segment 25 Billion yen 25 2 22.4 Oil Business CCS operating income Energy Solutions Business operating income 17. 15 14.3 1 8.2 9.9 11.8 1. 1.9 5 6. 3.3-5 -.6-1. -1.4 -.4-2.9-2.1-3.6-3.1-1.1-1 -7. 1Q 3Q 4Q 1Q 3Q 4Q 1Q 215 217
Crude Oil Price (Platt s Dubai) 26 (USD/bbl) 8 7 61.3 217 Jan-Jun Average 51.4 USD/bbl 6 51.8 5. Average 41.4 USD/bbl 53. 49.7 5 4.7 43.2 43.2 48.2 4 3 215 Average 5.8 USD/bbl 3.6 2 1 2 3 4 5 6 7 8 9 1 11 12 1 2 3 4 5 6 7 8 9 1 11 12 1 2 3 4 5 6
Exchange Rates (JPY/USD TTM) 27 (JPY/USD) 14 217 Jan-Jun Average 112.3 JPY/USD 13 119.2 121.4 122.3 121.5 115.4 Average 18.8 JPY/USD 12 18. 19.4 113.6 111.1 11 12.4 215 Average 121.1 JPY/USD 1 9 1 2 3 4 5 6 7 8 9 1 11 12 1 2 3 4 5 6 7 8 9 1 11 12 1 2 3 4 5 6
Domestic Market (1) : Regular Gasoline 28 Crude & Product price /L Spread /L 8 215 217 4 35 6 Regular Gasoline (Domestic Spot Price) 3 25 4 12.5 15.6 Crude CIF 1.1 1.8 9.1 13.5 11.6 13.1 11. 12.4 15.8 2 15 2 1 Spread (Domestic spot price-cif) 1 2 3 4 5 6 7 8 9 11112 1 2 3 4 5 6 7 8 9 11112 1 2 3 4 5 6 7 CIF of July, 217 is provisional. 5
Domestic Market (2) : Diesel Oil 29 Crude & Product price /L Spread /L 8 6 215 217 Diesel Oil (Domestic Spot Price) 4 35 3 25 4 2 8.4 1.8 Crude CIF 4.4 11.5 1.5 1.1 8.8 12.2 1.4 Spread (Domestic spot price-cif) 13.8 11.2 2 15 1 5 1 2 3 4 5 6 7 8 9 11112 1 2 3 4 5 6 7 8 9 11112 1 2 3 4 5 6 7 CIF of July, 217 is provisional.
Domestic Market (3) : Kerosene 3 Crude & Product price /L Spread /L 8 6 215 217 Kerosene (Domestic Spot Price) 4 35 3 25 4 2 11.2 11.7 Crude CIF 5.5 9.6 9.5 9.4 7.5 15.2 11.9 13.3 1.3 2 15 1 Spread (Domestic spot price-cif) 1 2 3 4 5 6 7 8 9 11112 1 2 3 4 5 6 7 8 9 11112 1 2 3 4 5 6 7 CIF of July, 217 is provisional. 5
Global Market (1) : Gasoline Unleaded 31 $/bbl Spread $/ bbl 1 215 217 4 8 Gasoline Unleaded (92RON Asian Spot Price) 3 6 4 12.1 17.1 Platts Dubai 15.6 15.9 15.6 11.5 9. 12. 12.3 11.5 11.5 2 2 1 Spread (Spot price Dubai) 1 2 3 4 5 6 7 8 9 11112 1 2 3 4 5 6 7 8 9 11112 1 2 3 4 5 6 7
Global Market (2) : Diesel Oil 32 $/bbl Spread $/ bbl 1 215 217 4 8 Diesel Oil (Asian Spot Price) 3 6 4 2 16.3 Platts Dubai 13.7 1.8 14.4 9.6 1.5 11. 12. 13.5 11.8 11.4 2 1 Spread (Spot price Dubai) 1 2 3 4 5 6 7 8 9 11112 1 2 3 4 5 6 7 8 9 11112 1 2 3 4 5 6 7
Global Market (3) : Mixed Xylene 33 $/MT Spread $/ MT 1,2 215 217 1,5 9 Mixed Xylene (Asian Spot Price) 1, 6 Platts Dubai 3 283 35 331 377 379 36 341 316 31 291 5 288 Spread (Spot price Dubai) 1 2 3 4 5 6 7 8 9 11112 1 2 3 4 5 6 7 8 9 11112 1 2 3 4 5 6 7
Showa Shell Sekiyu is a Shell licensee and uses Shell trade marks under licence. The views expressed in this release or statement are made by Showa Shell Sekiyu, and are not made on behalf of, nor do they necessarily reflect the views of, any company of the Shell Group of Companies. 34