Idemitsu to shut refinery in western Japan amid decarbonization trend

Economy

Japanese oil wholesaler Idemitsu Kosan Co. said Tuesday it will close a refinery in Yamaguchi Prefecture, western Japan, by March 2024 as it expects to see a continuous fall in demand for gasoline due to an increase in greener vehicles amid the global trend toward decarbonization. Idemitsu said in a statement that demand is expected to further shrink also due to Japan's declining population and the impact of the COVID-19 pandemic, leading to the decision to shut down the facility, which has a crude oil refining capacity of 120,000 barrels per day, accounting for about 10 percent of its group's...

Kyodo News

Kyodo News