• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Japan refiners to sell assets, rush reform as pandemic dents demand

4 years ago
in Energy, highlights, Home, home-news, latest News
2 min read
0 0
0
63
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Japanese refiners plan to sell assets and speed structural reform and overseas expansion as fuel demand is expected to fall at a faster pace due to a prolonged impact from the COVID-19 pandemic and an accelerating global decarbonisation trend.

The dual headwinds of the pandemic and stronger pressure to cut carbon dioxide have forced Japan’s top refiner Eneos Holdings (5020.T) and second-ranked Idemitsu Kosan (5019.T) to downgrade their profit goals for the three years to March 2023.

“There has been a significant environmental change since 2019, with the unprecedented coronavirus crisis, green recovery and Japan’s declaration of becoming carbon neutral,” Idemitsu President Shunichi Kito told a news conference last week after the company released its earnings.

“We have taken a much harder look at future scenario,” he said, pointing to the revised estimate of domestic fossil fuel demand contracting 30% by 2030 from 2019 levels, instead of its 2019 assumption of 20%.

To get funds to realign its portfolio and trim CO2 emissions, Eneos will exit coal mining by selling stakes in mines in Canada and Australia, and scale down its upstream oil assets. Idemitsu said it will also downsize its coal assets by cutting out investments in new projects.

The two energy companies will also accelerate structural reform, they said, shifting away from coal and oil to renewable energy and cleaner fuels such as hydrogen, while beefing up their overseas operations in Asia.

The moves are similar to those of global energy majors such as Royal Dutch Shell (RDSa.L). Shell has said it plans to curb its emissions through the rapid growth of its low-carbon businesses, including biofuels and hydrogen. read more

RelatedPosts

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release

Global Economy Undergoing Profound Transformation Amid Heightened Uncertainty, Says IMFC Chair

Fitch Solutions Revises Ghana’s 2025 Growth Forecast Upwards to 4.9% on Easing Inflation and Stronger Cedi

“Our goal is to provide clean energy through a new energy management system using renewable energy with storage battery and electric vehicles (EVs), and to supply CO2-free hydrogen and synthetic fuels using cheaper renewable power to be generated abroad,” Eneos President Katsuyuki Ota said last week.

Idemitsu will focus on low-carbon fuels such as ammonia and plant-derived black pellets – advanced wood pellets that can be used in place of coal – while expanding renewable energy projects, including geothermal and biomass.

Idemitsu also aims to turn its refineries into bases to recycle solar panels, make lithium battery materials and import and store ammonia.

Under its 2050 vision, renewable energy, clean fuels, ultra-compact EVs and advanced materials like lithium solid electrolytes will make up the majority of its business portfolio, Kito said.

To seek growth overseas, Eneos may raise its stake in Vietnam National Petroleum Group (Petrolimex) (PLX.HM), while Idemitsu will expand natural gas development in Southeast Asia, such as in Vietnam where it operates the Nghi Son refinery.

Source: reuters
Via: norvanreports
Tags: CO2 emissionsCOVID-19 pandemicdomestic fossil fuel demandJapan's top refiner Eneos Holdings
No Result
View All Result

Highlights

Nigeria, Kenya Follow Ghana’s Trailblazing GoldBod to Strengthen Economies

Morocco Crowned World Champions at the FIFA U-20 World Cup

GPL: Gold Stars Seek Redemption, Eleven Wonders Hunt First Win in Super Monday Doubleheader

OMCs Begin Over 4% Fuel Price Reductions Amid Cedi Gains and Decline in Global Oil Prices

Nigerians to pay more for ChatGPT on OpenAI’s 7.5% VAT

Prof. Baah-Boateng Urges Bank of Ghana to Prioritise Cedi Stability Amid Sharp Currency Swings

Trending

Features

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release

October 20, 2025

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release BudgIT, a prominent civic tech...

Global Economy Undergoing Profound Transformation Amid Heightened Uncertainty, Says IMFC Chair

October 20, 2025

Fitch Solutions Revises Ghana’s 2025 Growth Forecast Upwards to 4.9% on Easing Inflation and Stronger Cedi

October 20, 2025

Nigeria, Kenya Follow Ghana’s Trailblazing GoldBod to Strengthen Economies

October 20, 2025

Morocco Crowned World Champions at the FIFA U-20 World Cup

October 20, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.