Idemitsu, Showa Shell see around $70 MM in cost savings by March
12/22/2017 9:05:05 AM
TOKYO (Reuters) — Japanese refiners Idemitsu Kosan and Showa Shell Sekiyu said on Friday they expect to cost cuts by $71 MM in the first year of their business alliance that started last April.
Photo courtesy of Idemitsu.
That comes after Japan’s second- and fourth-biggest refiners said on Wednesday they would form an office next spring with a staff of about 300 to manage crude oil purchases, refining and sales, seeking to cut costs by $266 MM over 3 yr.
Their integration has been bitterly opposed by Idemitsu’s founding family.
Reporting by Osamu Tsukimori
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