Majors’ retreat hastens Japanese restructuring

摘要

ExxonMobil is further reducing its presence in Japan’s downstream, prompting another round of consolidation in the sector. But Japanese firms hope to retain partnerships with the majors to boost foreign upstream output. ExxonMobil is selling a 10pc share in refiner Tonen-General to Japanese trading house Mitsui, in line with the majors’ global sell-off of downstream assets to focus on more lucrative upstream operations. The ￥34bn ($320mn) sale will reduce ExxonMobil’s shareholding in TonenGeneral to 12pc. It relinquished a controlling stake in the refiner almost two years ago (WPA, 3 February 2012, p10). The companies will continue to co-operate in refining and product marketing. TonenGeneral is emerging as a bigger player in Japan’s refining sector through its acquisition of Mitsui Oil, which gives TonenGeneral full control of the 175,000 b/d Chiba refinery (WPA, 20 December, p10).