Nippon Steel Engineering to Launch Marine Oil & Gas Refinery Business

Nippon Steel Engineering starts the new energy and marine construction business to make and build large major refining facilities for oil and gas. The firm tries to meet rapid growing demand for underground resources while the firm has made and built related facilities to pump up oil and gas. With the new business, the firm expects the ocean and energy business’ sales will double in 10 years while the firm targets 40 billion yen for the business for fiscal 2008 ending March 2009 under the 3-year plan started fiscal 2006. The firm tries to start business to make and build central processing platform, which refines crude oil and gas to separate impurities including mercury and carbon dioxide, along with traditional well head platform for oil and gas rigging. The firm already started investment to prepare for the new business. The marine construction and energy unit makes and builds oil and gas development facilities mainly in Southeast Asia. The firm has 2 processing yards in Thailand and a processing yard in Indonesia. The firm has 2 large construction ships based in Singapore to build marine structural facilities. The unit targets normal level of annual sales at 110-120 billion yen under the 3-year plan though the unit’s sales and order intake is 150-160 billion yen now under the boom. The unit tries to post 40 billion yen of sales for energy, 40 billion yen for offshore marine construction and energy and 30-40 billion yen for Japanese marine structural facilities.