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Idemitsu Kosan to acquire 33.24% stake in Shell’s refinery

by ChemOrbis Editorial Team -
  • 30/07/2015 (15:19)
According to a press release on the company’s website, Japan’s Idemitsu Kosan will acquire a 33.24% stake in Royal Dutch Shell’s Showa Shell Sekiyu refinery in Japan in exchange for $1.4 billion. The transaction is subject to regulatory approvals and is expected to be completed in 2016.

Shell will retain a 1.8% stake in the refinery while Idemitsu Kosan reportedly will continue discussions on a merger. Saudi Arabia’s Saudi Aramco also owns about a 15% stake in Showa Shell.

Shell’s move to sell most of its stakes in the refinery in line with the company’s recent efforts to cut its spending in order to cope with lower oil prices. As part of these efforts, Shell also will cut 6,500 jobs this year.
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