Japan's Idemitsu Kosan to acquire Seibu Oil, shut its refinery

Japan's Idemitsu Kosan to acquire Seibu Oil, shut its refinery

Japan by Manuel Consentino on Unsplash

Japanese petroleum supplier Idemitsu Kosan is set to buy out its affiliate Seibu Oil by October and close its only refinery as early as fiscal 2023, the Nikkei newspaper reported on Tuesday.