Exxon Mobil Plans to Downsize In Japan

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.

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