On August 2, 1990, the Iraqi military suddenly invaded Kuwait, occupying the entire territory of the nation. After Iraq rejected a demand by the United Nations Security Council to withdraw, the Gulf War started on January 17 of the following year.
Over this period, while prices of crude oil and petroleum products rose rapidly at first, they later settled into relative stability as other oil-producing states increased production and expectations of an Iraqi loss developed in the market. In this way, a severe oil crisis was avoided.
After the war, environmental pollution resulting from release of crude oil and from oil-field explosions were subjects of considerable concern.
Outbreak of the Gulf War
A tank at the Mina Al-Ahmadi Refinery.
Most of Kuwait's refinery facilities were damaged.
- Idemitsu Shokai Founded in Moji
- Overseas Branches Closed, Repatriation Begins
- Importing High-Octane Gasoline from the United States
- The Nissho Maru Incident: Challenging the Dominance of the Major Oil Firms
- Construction of Mammoth Tankers
- Completion of the Tokuyama Refinery
- Chiba Refinery Completed/Idemitsu Withdraws from the PAJ
- Idemitsu Enters the Oil Exploration and Production
- The First Oil Crisis and Advancing Overseas
- Specific Petroleum Law Abolished
- The Establishment of Idemitsu Credit and Development of the Credit-Card Business
- Outbreak of the Gulf War
- Introduction of Low-Benzene Gasoline