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Exxon further cuts share in Japan refining

Exxon Mobil (XOM) cuts its stake in Japan's second-biggest refiner, further reducing its downstream presence in the country to focus on its more lucrative upstream business.

XOM will sell a 10% interest in TonenGeneral Sekiyu to trading house Mitsui as part of TonenGeneral's takeover of a small oil products retailer.

Japan's refining industry is realigning, with oil firms cutting capacity to offset shrinking demand from a declining population and shifting to technology that's more energy efficient and environmentally friendly.

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