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Energy Transition and Virus Claim Japanese Oil Refiner as Victim

  • Facility near Osaka to cease operations by October 2023
  • Less consumption and more Asian competition cited as reasons

Japan’s Eneos Holdings Inc. will close one of its oil refineries next year due to falling domestic demand and the shift away from fossil fuels. 

Eneos will terminate operations at the 127,500 barrel-a-day plant in Wakayama prefecture, near Osaka, in October 2023, it said in a statement. A drop in consumption due to the pandemic and rising international competition, particularly from Asia, were given as reasons for the closure.