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JAL TO BUY FUEL DIRECTLY FROM AOC HOLDINGS TO CUT COSTS.
TOKYO, June 1 Asia Pulse - To reduce fuel costs, Japan Airlines Corp. (TSE:9205), known as JAL, will sign a contract with AOC Holdings Inc. (TSE: 5017) to directly purchase jet fuel from its oil refinery unit, Fuji Oil Co., The Nihon Keizai Shimbun learned Wednesday.
JAL expects to lower costs by buying a large volume of fuel straight from the refiner, thereby decreasing its dependence on the six wholesalers that are its current suppliers.
To maintain a stable, long-term relationship with AOC, JAL will buy about 1 million shares in treasury stock for 2 billion yen (US$17.8 million) to take a roughly 1 per cent stake in the holding company.
Under the contract through March 2011, JAL will buy 200,000kl of jet fuel this fiscal ...
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