Regarding the Sale of Shares in Seibu Oil

February 10, 2004

The board of directors of Ube Industries,Ltd. (President: Kazumasa Tsunemi), at a meeting today, approved an agreement to sell 13.5% of the outstanding shares of Seibu Oil Co. to Showa Shell Sekiyu KK (Chairman/CEO: Haruyuki Niimi).

The transaction will reduce Ube's stake in Seibu Oil to 11.0% from 24.5%. Even after the transaction, Ube intends to maintain cooperative relations with Showa Shell and with the other major shareholders in Seibu Oil, and to support the further strengthening and development of Seibu Oil's competitiveness through joint discussions.

The sale is expected to be finalized in mid-March. The impact of the sale on Ube's profit/loss is already reflected in the earnings forecast released today, February 10.

Seibu Oil Co.

Capital ¥8.0 billion
Head Office 8-7 Sanban-cho, Chiyoda-ku, Tokyo
Refinery 5 Nishioki, Onoda City, Yamaguchi
Capacity 120,000 barrels per day


For inquiries please contact
  • Ube Industries, Ltd.
  • General Affairs & Public Relations Group
  • Seavans North Building, 1-2-1 Shibaura, Minato-ku, Tokyo 105-8449
  • Phone : +81-3-5419-6110
  • Contact us by Internet.