MOL moves to emphasize growing markets

MOL moves to emphasize growing markets

MOL on Friday announced a reorganization to promote growth strategies aimed at expanding its business in growing countries and regions, including China.

The moves take effect June 24.

The China Business Strategy Committee, which directly report to the MOL Board of Directors, will be renamed the China and Emerging Market Business Strategy Committee. The move is aimed at enhancing the group-wide structure for strategic approaches to maintaining and expanding business in areas positioned for strong growth, such as India and Russia. MOL Deputy President Tokinao Hojo, who will become Deputy Chairman on June 24, will serve as the committee chairman.

The China Business Strategy Secretariat in the Corporate Planning Division will be renamed the China and Emerging Market Business Strategy Secretariat. The new organization will function as the secretariat of the China and Emerging Market Business Strategy Committee. It will be responsible for work related to the group-wide strategies in areas with strong potential for growth in addition to China.

MOL, based in Tokyo, set out a strategy for growth in China, and established the China Business Strategy Committee and China Business Strategy Secretariat, in June 2002. It said the efforts have shown results, including a long-term iron ore transport contract with Shanghai Baosteel Group and the establishment of a joint venture company with Sinotrans Ltd., China's largest transport group, in the car carrier and tanker businesses.