Japan's Idemitsu Kosan to buy out Seibu Oil, shut its refinery -Nikkei (updated)

UBE

14/06/2022 04:32

(Updates with Idemitsu response)
    TOKYO, June 14 (Reuters) - Japanese petroleum supplier
Idemitsu Kosan  5019.T  is set to buy out its affiliate Seibu
Oil by October and close its only refinery as early as fiscal
2023, the Nikkei newspaper reported on Tuesday.
    Idemitsu will increase its current 38% stake in Seibu Oil to
make it a wholly owned unit, the report said. Japan's UBE
Corporation  4208.T  and Chugoku Electric Power Co  9504.T  also
have stakes in the oil company. 
    Idemitsu is considering using the refinery in Yamaguchi as a
hub for alternate sources of energy such as hydrogen or ammonia,
according to Nikkei. An official announcement will be made later
on Tuesday, it added.
    "We haven't announced anything yet so there is nothing to
say at this point," said a spokesperson for Idemitsu Kosan,
adding that a news conference will be held at 1500 JST (0600
GMT) on Tuesday.

 (Reporting by Sakura Murakami; Editing by Muralikumar
Anantharaman)
 ((Sakura.Murakami@thomsonreuters.com;))