11 June 2013 04:40 [Source: ICIS news]
KUALA LUMPUR (ICIS)--Japanese trading firm Itochu is targeting to grow its petroleum distribution business in the US by threefold in the medium to long term, a company executive said late on Monday.
The targeted sales volume is 200,000 barrels/day from the current 60,000 bbl/day in 25 states, said Masanori Toyoshima, executive officer and chief operating officer for energy and chemicals at ITOCHU, at the 17th Asia Oil & Gas Conference (AOGC).
Toyoshima said this target could be achieved in at five to 10 years but will have to involve mergers and acquisition (M&A).
“It cannot be done by just organic growth. We need to have an M&A type of regimen,” he said.
In the Philippines, where 40% of household utilises firewood, Itochu is upbeat on the prospects of demand for liquefied petroleum gas (LPG), Toyoshima added.
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