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Japan Airlines
(JAL) has approved the transfer of all 1,000 issued and outstanding shares of Pacific Fuel Trading Corporation (PFTC), a
wholly owned consolidated subsidiary of JAL, to Vitol Inc., a wholly owned subsidiary of the Vitol
Group.
Purchasing and distributing jet fuel in the USA are PFTC’s primary business activities. In connection with this business, JAL will enter into a
long-term supply agreement with PFTC, which will allow JAL to benefit from the Vitol Group's global logistic capabilities.
The Vitol Group is made up of separate affiliated companies engaged in a variety of oil trading and financial businesses and today is widely
acknowledged by the oil industry as one of the largest and most influential oil trading companies in the world. Vitol moves
a staggering 4.5 million barrels
of oil daily, managed from its global offices including Geneva, London, Houston and Singapore. The long-term agreement with the Vitol
Group should enable JAL to diversify and stabilize its fuel supply.
Although JAL expects to realize an extraordinary profit from the transaction, this has already been accounted for in the JAL Group’s
previously announced forecast results for fiscal year 2007, the year ending March 31, 2008. Consequently, JAL Group’s FY2007 financial
forecast will be unaffected by the share sale.
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