INTERVIEW: Idemitsu to Turn Refineries into Carbon-Free Hubs

Economy

Tokyo, Dec. 16 (Jiji Press)--Idemitsu Kosan Co. <5019> aims to turn its seven refineries and plants across Japan into production and supply bases for carbon-free energy sources, President and CEO Shunichi Kito said in a recent interview.

"While reducing fossil fuel, we'll transform (these facilities) into production bases for next-generation energy sources and materials," Kito said.

The Japanese oil company plans to lower the proportion of revenue from its fossil fuel business to less than 50 pct of the total in fiscal 2030, which ends in March 2031, from over 90 pct at present.

Idemitsu is set to reduce its daily refining capacity to 650,000 barrels by calendar 2030, down by 300,000 barrels from 2022.

The company plans to produce sustainable aviation fuel at its plant in Ichihara, Chiba Prefecture, east of Tokyo, and make its plant in Shunan, Yamaguchi Prefecture, western Japan, a base to supply ammonia.

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Jiji Press