TOKYO -- Japanese oil majors Idemitsu Kosan and Showa Shell Sekiyu will launch their newly merged company next April, with a goal of expanding to the Asian market.
Armed by an anticipated 50 billion yen ($454 million) worth of synergies annually over five years, the merged company will expand on Idemitsu's existing ventures in Vietnam and aim to enter new markets, as demand for gasoline ebbs in its home market of Japan.
