Japan's Biggest Oil Refiners Consider Merger as Demand Drops

  • JX, TonenGeneral seek 100 billion yen annual savings: Nikkei
  • Japan government encouraging refining industry consolidation

Japan’s two biggest oil refiners, JX Holdings Inc. and TonenGeneral Sekiyu K.K., said they are in talks to merge after the Nikkei newspaper reported the two companies reached a broad agreement on a deal.

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