- 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.
Exxon further cuts share in Japan refining
Dec 18 2013, 08:14 ET