Exxon (XOM) Won't Exit Japan; to Restructure Stake in TonenGeneral Sekiyu
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Following a report from Reuters stating ExxonMobil (NYSE: XOM) was in talks to sell its 50 percent stake in TonenGeneral Sekiyu KK along with other Japanese-based assets, Bloomberg is reporting Wednesday the rumors are false. Instead Bloomberg says Exxon is in talks with TonenGeneral to restructure its holdings. Exxon will continue operating in Japan.
Japan’s oil-product demand is expected to fall 3.5 annually through March of 2015 based on a declining population.
Amid the news, shares of TonenGeneral closed down 5.8 percent on Tokyo’s Nikkei. The stock is now at a level not seen since November 2010.
Japan’s oil-product demand is expected to fall 3.5 annually through March of 2015 based on a declining population.
Amid the news, shares of TonenGeneral closed down 5.8 percent on Tokyo’s Nikkei. The stock is now at a level not seen since November 2010.
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