01 Febraury 2012
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Exxon Mobil is shedding a large percentage of its Japanese oil refining business. The oil giant has agreed to sell 99% of Exxon Mobil Yugen Kaisha to its Japanese partner TonenGeneral Sekiyu K.K., reducing Exxon’s share in TonenGeneral from 50% to 22%. The shift may be a response to the declining demand for oil in Japan as the population decreases and alternative fuels are utilised. Long term, however, it may prove indicative of Exxon’s increased focus on exploration and LNG rather than refining where margins are smaller.
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