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Idemitsu Kosan could cut its refining capacity by 300,000 b/d by the end of this decade. Under its business plan for the next three fiscal years, Japan’s second-largest refiner said it will adjust its refining capacity to bring it into line with Japanese demand for petroleum products, which is expected to fall 20% from current levels by 2030. Idemitsu had previously announced plans to acquire complete ownership of its Seibu Oil affiliate and close down its 120,000 b/d Yamaguchi refinery by March 2024. The company said it is considering a further reduction of 180,000 b/d in its refining capacity which would reduce its total capacity to 650,000 b/d by 2030. Idemitsu is targeting a 46% reduction in its Scope 1 and 2 carbon emissions by 2030 (versus a base year of 2013) as an interim step toward carbon neutrality by 2050. To achieve the goal, the company also plans to invest 190 billion yen ($1 billion) for sustainable aviation fuels and ammonia production facilities in Japan and an expansion of wood pellet production overseas.

Topics:
Corporate Strategy , CO2 Emissions, Capital Spending, Regional Integrateds, ESG
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