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Posted: 2:50 PM Jan 30, 2012
Exxon Mobil Plans to Downsize In Japan
Exxon Mobil to downsize its business in Japan
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U.S. oil giant Exxon Mobil is downsizing its business in Japan.
The growing popularity of fuel-efficient vehicles and the decreasing number of cars is reducing demand for gasoline in the country.
Exxon Mobil is cutting its stake in Tonen General, a major Japanese refinery.
Exxon Mobil currently owns a controlling stake of just over 50 percent in Tonen through a Japanese subsidiary.
The U.S. Company will sell about 30 percent of its shares in the subsidiary to Tonen General for about four billion dollars.
That will leave Exxon Mobil with a stake of about 20 percent.
Exxon Mobil Vice President Sherman Glass told a news conference that the firm has no intention of withdrawing from the Japanese market.
Tonen General will operate the gas stations currently run by Exxon Mobil's subsidiary.
