Shell to Close Hundreds of Gas Stations as Part of Energy Transition Strategy
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Japanese refiners ENEOS and Idemitsu Kosan have closed or plan to close refineries in response to declining petroleum consumption in Japan. The closures represent 7% of the country's refinery capacity and are driven by factors such as an aging and shrinking population, slow economic growth, and increased petroleum export competition in Asia. Japan's petroleum consumption is projected to decline to its lowest level since 1980 by 2024. The country's refineries struggle to compete in international markets due to their smaller size and lower complexity compared to newer refineries in Asia. Japan's declining refinery runs have also led to reduced crude oil imports, with the country relying heavily on imports from the Middle East.
Japan is experiencing a decline in petroleum consumption, leadin...
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