Focusing on oil-producing countries and emerging countries around the world, ITOCHU Plantech pursues projects relating to oil and gas development and production, refineries, LNG, the petrochemical industry, and energy infrastructure. We realize a wide variety of projects as a project developer by bringing to bear comprehensive capabilities and performing diverse functions, which mainly range from project identification/formation, EPC, financing structuring, coordination of raw materials supply and off-taking of final products, structuring international consortium.
We leverage a close relationship with our parent company, ITOCHU Corporation, in respect of raw material supply, off-taking of final products, structuring EPC consortiums with leading international engineering firms, and project finance and contribute to projects utilizing our deep knowledge and expertise for material/equipment procurement, accounting, finance, tax & duties, logistics, and project management throughout EPC* implementation.
We are committing ourselves to promote Japanese manufacturers' machinery and materials/equipment, equipment replacement, after-sales service and a wide array of other services mainly though our project implementation.
In May 2013, ITOCHU Corporation formed an international consortium with European and South Korean engineering firms, and the consortium signed the EPC contract for an oil refinery construction project "STAR Refineri A.S" (referred to as ""STAR"").
This project, which required non-recourse project financing for a large-scale refinery, was pursued while taking advantage of one of our strong suits: equipment and machinery procurement.
Project procurement was handled by a joint venture in Madrid, Spain established together with consortium partner companies.
Within the joint venture arrangement, we played a vital role in structuring project finance, which entailed arranging and providing support related to the conclusion of a financing contract between STAR and the Japan Bank for International Cooperation (JBIC), as well as equipment/machinery procurement.
We introduced and recommended highly competitive, Japanese manufacturing companies to consortium partners, thus contributing to increased export business and greater benefits for Japan.
* EPC: Engineering, procurement and construction. Refers to a contracting arrangement in which the EPC contractor handles everything from design and procurement to construction."