JX Nippon Oil & Energy Corporation opens office in African region
JX Nippon Oil & Energy Corporation has launched an office in Johannesburg, South After which could lead to a possible expansion of the business in the African region.
Japanese oil and energy firm is known worldwide as a leader in refining petroleum and petrochemical products as well as distributing them. The company has been hoping to collaborate with firms in Africa operating in exploration and retail, said a report from Ventures Africa.
JX Nippon has already engaged in partnership with Sasol for its fuel-from-business in South Africa.
According to the latest research conducted by the company, demands indicated that the lubricating oil market has been expected to rise by 2 percent until the 2020. Thus, JX Nippon needed to conduct further study to sustain its business in the African region.
According to the General Manager of the Johannesburg office Takahiro Nomura, JX Nippon has been eyeing for more collaboration in the region and that the total investment level of the company would be identified after it has done thorough research in the market.
On the other hand, Yasuji Araki, JX Nippon’s Senior VP, said that the company’s expansion plans would not be delayed.
Araki said, “In the next 10 years we want to make a big success of the South African business.”