• Reuters

  • SHARE

Japanese refiners Idemitsu Kosan Co. Ltd. and Showa Shell Sekiyu K.K. will combine management of their key businesses, an Idemitsu spokesman has said, pursuing a merger bitterly opposed by a core investor — Idemitsu’s founding family.

Japan’s second- and fourth-biggest refiners will form an office next spring with a staff of about 300 to manage crude oil purchases, refining and sales, seeking to cut costs by ¥30 billion ($266 million) over three years, Idemitsu spokesman Akitaka Yoshino said Tuesday.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW

PHOTO GALLERY (CLICK TO ENLARGE)