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Two largest oil refineries of Japan, Idemitsu Kosan and Showa Shell Shell Sekiyu, announced their intention to merge. As reported by Nikkei, this decision was preceded by more than two years of disputes and disagreements. In November 2015, the companies agreed on a deal under the terms of which Idemitsu was to acquire 33.2% of the shares of Showa Shell, owned by the Dutch Royal Dutch Shell, for 1 billion 600 million dollars. Now the deal of the two Japanese companies will be implemented in the form of an exchange of shares. The ratio for the exchange will be set in October. If the deal takes place, the merged company will control about one third of Japan's petroleum products market.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Japan’s Finance Minister Taro Aso expressed worries about the yen’s continual rise, calling it “rapid” and hinting at the strong currency’s impact on exports as Japan struggles through a recession. The yen’s ...
June had seen Japan’s industrial output breaking its four-month slump. The recuperation could be attributed to a modest recovery seen in broader business and consumer activity after the world’s third-biggest economy suffered from ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
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