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Energy

Japan's Idemitsu earmarks $1.4bn for clean energy projects

Petroleum group to slash refinery capacity in green transition

Idemitsu will install production equipment for sustainable aviation fuel in Chiba prefecture and create a site for receiving imported ammonia in western Japan. (Photo by Kosuke Imamura)

TOKYO -- Japanese oil refiner Idemitsu Kosan will invest 190 billion yen ($1.36 billion) to establish infrastructure for sustainable aviation fuel and imported ammonia as it shifts toward becoming a reliable supplier of greener energy.

The petroleum group, anticipating falling demand for fuel, also intends to slash its oil refinery capacity. The commitments were outlined Wednesday in Idemitsu's three-year business plan taking effect in April.

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