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Energy

Japan's Idemitsu to slash oil refining capacity as cars go electric

Plan to shut down Yamaguchi refinery to be announced today, Nikkei learns

Idemitsu's Yamaguchi refinery has a crude oil processing capacity of 120,000 barrels per day, accounting for about 13% of the group's total capacity.

TOKYO -- Idemitsu Kosan, Japan's second-largest oil wholesaler, has decided to shut down its refinery in Yamaguchi Prefecture by the end of March 2024, as the rise of more fuel-efficient vehicles cuts demand for gasoline, Nikkei has learned.

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