Japan plans to increase oil stockpile.

Title

Language

English

Source

Business Day Volume XIV (No. 132) August 29, 1980

Year

1980

Subject

Petroleum reserves--Japan.

Rights

In Copyright - Educational Use Permitted

Abstract

Japan plans to increase its oil stockpile to 30 million kiloliters from the present 6,24 million to take advantage of the present glut on the world oil.

Fulltext

Page 10 Business Day Friday, August 29, 1980 BD CURRENCY CONVERSION TABLE August 29, 1980 ‘New York free exchange rate: sellers' quotations as of August 27, 1980 as quoted by the Central Bank for August 28, 1980. ••The FOREX guiding rate Is used in computing the RP peso equivalent ♦••Peking exchange rate (Reuter) Currency Equivalent of foreign currency in US dollar* Equivalent of US$1 in foreign currency Equivalent of foreign currency in RP peso** Equivalent of RP P1 in foreign currency US dollar 7.559 .1323 Japanese yen .004564 219.1060 .0345 28.9855 Pound sterling 2.3960 .4174 18.1114 .0552 German D-mark .5560 1.7986 4.2028 .2379 Australian dollar 1.1625 .8602 8.7873 .1138 French franc .2392 4.1806 1.8081 .5531 Hong Kong dollar .2022 4.9456 1.5284 .6543 Canadian dollar .8635 1.1581 6.5272 .1532 Netherland guilder .5102 1.9600 3.8566 .2593 Italian lire .001168 856.1644 .0088 113.6364 Belgian franc .0346 28.9017 .2615 3.8241 Singapore dollar .4706 2.1249 3.5573 .2811 Austrian schilling .0785 12.7389 .5934 1.6852 Norwegian kroner .2054 4.8685 1.5526 .6441 Danish kroner .1795 5.5710 1.3568 .7370 Swiss franc .6040 1.6556 4.5656 .2190 Swedish kroner .2393 4.1789 1.8089 .5528 Spanish peseta .0137 72.9927 .1036 9.6525 Taiwan dollar .0295 33.8983 .2230 4.4843 Thailand baht .0510 19.6078 .3855 2.5940 Chinese renminbi**'* .6754 1.4807 5.1053 .1959 Japan plans to increase oil stockpile TRANSPO-ASIA '80 S.E. Asia 2nd International Exhibition Transportation, Maintenance & Ancillary Products 6-10 OCTOBER 1980 WORLD TRADE CENTRE SINGAPORE Transpo-Asia '80 ASEAN Seminar Moving into the '80s and beyond — the theme of the ASEAN Seminar. If its your business to keep up with the times and find out what will keep the economies of the Asean countries growing, you must not miss this ASEAN Seminar. Top government officials from the ASEAN Ministries of Transportation and/or Communications and transportation institutes will be pre senting papers on their transportation policies and development plans and also discuss mass rapid transit developments. If you have to know what the demands are of the transportation sectors of the ASEAN countries don't miss this Seminar. Seminar Registration Fees: SS100 (inclusive of luncheons, coffee/tea and seminar papers) "Transportation for the '80s" Sponsors Chartered Institute of Transport Singapore For further information & travel arrangements contact: Leverage International (Consultants) Inc. Rm. 523, 5th Floor, Metrobank Bldg., Ayala Avenue Cor Salcedo Street Makati, Metro Manila, PHILIPPINES Organisers INTER FAMA PTE LTD No. 834, 8th Floor. World Trade Centre,’Maritime Square. Singapore 0409-REPUBLIC OF SINGAPORE Tel: 2714312 Telex RS 24980 INFAMA FOREX TRADING The guiding rate for today is P7.56 to US$1, a change of P0.001 from yester day’s P7.559. Tran sactions at the For eign Exchange Trad ing Center yesterday amounted to $5 million. Sellers were Bank of the Philip pine Islands, $2 mil lion, and Land Bank, $3 million. INTERBANK RATE The average inter bank rate quoted yesterday was 4%, according to traders from 13 participat ing institutions. All traders reported a uniform rate of 4%. Lenders outnum bered borrowers. TOKYO (Reuter) — Minister of International Trade and' Industry Rokusuke Tanaka said the Japanese government plans to increase its oil stockpile to 30 million kiloliters from the present 6,24 million to take advantage of the present glut on the world oil. Tanaka told a press conference private-sector stockpile of oil and oil products held mainly by Japanese refineries has increased to 102.5 days needs of the nation from 88 days’ needs at the end of March this year, surpassing the fiscal 1980 target of 90 days. In addition, the Japanese government has its own oil stockpile of seven days’ needs, making the total stockpile reach about 109 days, Tanaka said. However, the Japanese government plans to increase its stockpile to around 30 million kilolitert or about 40 days’ needs, to boost the total stockpile ■to about 149 days, he said. The Exhibition Before the end of the 20th Century, the urban populations of S.E. Asian coun tries will have increased to alarming proportions and will greatly exert pressure on existing transport systems of capital cities. Asean governments have already realised that the creation of an environment conducive to achieving maximum economic pro gress can be possible through the improvement of transportation playing a major role complemented by respon sible design and planning of urban city growth. In the wake of these demands for change and progress in transportation comes TRANSPO-ASIA '80 featuring Air. Sea. Rail and Road transportation and ancillary equipment and services. At TRANSPO-ASIA '80 you can look for airport installations, cargo systems to support services or coastal vessels, hydrofoil craft, river to inland water way craft and marine equipment or locomotives and mass rapid transit systems or city and suburban vehicles, refrigerated transport to military ve hicles and ancillaries. If you are in the transportation industry, you also have a part in contributing to this change and progress. Decide now to visit TRANSPQ-ASIA '80 — for your transportation business. Monetary Movements Gold closed at $634 an ounce in London Wed nesday against the previous $630 while it held firm in Hong Kong at $627. The US dollar closed steady in New York, lower in London and Tokyo. London gold up Gold edged up to close at $634/635.50 an ounce at the London close after an afternoon fix of $633.85, dealers said. The market was quiet with moderate volume and there were no special factors, they said. HK gold firm The international gold price closed at $627.60/630.60 an ounce in quiet, feature less trading, marginally lower than New York’s close of $630/632, and in line with yesterday’s close of $627/628, dealers said. In the local market, prices closed higher at HK$3,701 a tael against yesterday’s HK$3,680. NY dollar steady The dollar lost its early gains to finish around last night’s levels after a day of volatile trading, dealers said. The currency began the day on a strong note but gradually retreated, partly due to the un winding of long dollar positions at month-end. As a result, the dollar finished at 1.7985/92 marks compared with an opening 1.8015/20 and yesterday’s close of 1.7950/60. The dollar closed at 1.6555/70 Swiss francs, down from this morn ing’s 1.6617/22 and slightly below last night’s close at 1.6560/80. Sterling continued to benefit from yesterday’s report of a North Sea oil discovery, and closed at $2.3950/60, against an opening $2.3855/65 and $2.3820/30 overnight. Elsewhere, the dollar closed at 219.10/25 yen, down from this morn ing’s 220.05/15 but little changed from yesterday’s 219.20/35. It slipped to 1.1580/83 Canadian dol lars from 1.1596/98 at the opening and 1.1583/86 last night. UK dollar down Sterling continued to firm and the dollar closed slighly down on the day after busy trading, dealers said. Sterling closed at $2.3895/3905, off its peak but the highest since April 1975, after opening at $2.3835/45 and closing yesterday at $2.3793/3803. It closed at 4.2985/3030 marks, also off its peak but the highest since September 1976, after yesterday’s 4.2800/70 close, and at 3.9650/95 Swiss francs after 3.9490/9550. The dollar closed at 1.7990/8000 marks and 1.6595/6605 Swiss francs, after opening at 1.8015/20 and 1.6617/27 virtually un changed from the pre vious close. The dollar closed at 219.50/70 yen after opening at 220.35/50 and closing yesterday at 219.05. Tokyo dollar down The US dollar for overnight delivery in Tokyo closed at 220.30 yen, up from a 219.50 opening but still down from 221.50 at yester day’s close, after falling briefly to 218.50 in early trading, dealers said. Trading was active and heavy with volume $1.08 billion. The dollar recovered in moderate late trading on import covering by Japanese traders and buying by banks to adjust oversold dollar positions, after an early slump reflecting its over night fall in New York, dealers said. US dollar up in HK The US dollar rose sharply against the yen in hectic, nervous and heavy afternoon trading and was actively firmer against major European currencies, HK dealers said. The dollar firmed to a late 220.25/45 yen from an opening 219.50/70 and New York’s closing 219.20/35. Dealers said operators had discounted the in crease in prime rate to 11-1/2% by Chase Man hattan Bank and several others because Euro dollar interest rates were firm. The dollar rose to a late 1.7 992/95 marks from an opening 1.7945/55 in line with New York’s closing and to 1.6585/95 Swiss francs from 1.6550/60 compared with New York’s 1.6560/80. Sterling weakened to a late $2.3800/10 from an opening $2.3835/55 against New York’s $2.3820/30, while the Hong Kong dollar held steady at a late 4.9 500/10 to the US currency in line with yesterday’s late quote here.

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