Nippon Oil, Mitsubishi Oil announce merger

Nippon Oil, Mitsubishi Oil announce merger

Hidejiro Osawa (L), president of Nippon Oil Co., Japan's No. 2 petroleum company, and Yoshihiko Izumitani (R), president of Mitsubishi Oil Co., ranked sixth, announce a basic agreement on merger of the two companies at a news conference in Tokyo on Wednesday Oct. 28. The merger next April will give birth to Japan's largest petroleum company to top the present industry leader Idemitsu Kosan Co. in terms of sales and market share. ==Kyodo

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