U.S. titan aims to slash TonenGeneral stake as focus shifts upstream
A seemingly unstoppable slide in Japanese demand has U.S. oil giant Exxon Mobil Corp. moving to drastically scale down its presence in the country. The change is also attributable to the company’s increasing emphasis on oil and natural gas development.
The American firm, which holds a 50.02% interest in Tonen General Sekiyu KK, reportedly plans to sell a stake of more than 30% back to the Japanese refining …