Japan closes gasoline plants

(ORDO NEWS) — Japan’s second largest oil refinery, Idemitsu Kosan, announced a decision to close one of its largest refineries in fiscal 2023.

This is due to the trend towards reducing gasoline consumption in the country, the Kyodo news agency reported.

The facility, located in Yamaguchi Prefecture in the southwest of Honshu, processes up to 120,000 barrels of oil per day. This is one tenth of the corporation’s capacity.

Eneos Holdings, Japan’s largest oil refiner, is also set to shut down one of its key refineries in fiscal 2023, according to Kyodo.

Note that gasoline sales in Japan have been falling for the past 20 years in a row. This, experts say, is due to the introduction of more fuel-efficient cars and a declining population.

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