Japan refiner to shut plant after 53 years on low salesBloombergJapan’s Idemitsu Kosan Co is to shut an oil refinery that has been running for 53 years in the country’s west, as domestic demand for fuel continues to decline and a global push to decarbonize intensifies. The company is to halt processing at its Yamaguchi plant by the end of March 2024, it said in a statement on Tuesday. Idemitsu would consider new uses for the site, while continuing to store oil and generate solar power there. Idemitsu is to make Seibu Oil Co — which operates the Yamaguchi refinery — a wholly owned subsidiary by acquiring stakes held by shareholders UBE Corp, Chugoku Electric Power Co and others. The refiner plans to increase its stake in Seibu Oil to 66.9 percent from 38 percent.

Source: Taipei Times June 16, 2022 03:25 UTC