Refiners to sell assets, rush reform as pandemic dents demand
5/17/2021
Japanese refiners plan to sell assets and speed structural reform and overseas expansion as fuel demand is expected to fall at a faster pace due to a prolonged impact from the COVID-19 pandemic and an accelerating global decarbonization trend.
The dual headwinds of the pandemic and stronger pressure to cut carbon dioxide have forced Japan s top refiner Eneos Holdings and second-ranked Idemitsu Kosan to downgrade their profit goals for the three years to March 2023. There has been a significant environmental change since 2019, with the unprecedented coronavirus crisis, green recovery and Japan s declaration of becoming carbon neutral, Idemitsu President Shunichi Kito told a news conference last week after the company released its earnings.