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Idemitsu Kosan
Idemitsu Kosan Co., Ltd. (出光興産株式会社, Idemitsu Kōsan kabushiki gaisha; stylized in logo as idemitsu) is a Japanese petroleum company. It owns and operates oil platforms, refineries, produces and sells petroleum, oils and petrochemical products, and also operates gas stations under the apollostation brand and until 2023, in its own Idemitsu and Shell brands; the Shell brand being used under the license of Shell.
Idemitsu is the second largest petroleum refiner in Japan, after Eneos. It was ranked as the 262nd largest company in the world by revenue in Fortune Global 500 (2008). It is number 26 in petroleum refining. Idemitsu Kosan is listed in the First Section of the Tokyo Stock Exchange and, since absorbing Showa Shell Sekiyu in 2019, is a constituent of the Nikkei 225 index; however, it is not a constituent of the TOPIX 100 index (instead, it is a constituent of the TOPIX Mid400 index).
Sazō Idemitsu founded Idemitsu & Co. (出光商会, Idemitsu Shōkai) in 1911, selling lubricant oil for Nippon Oil in Moji, northern Kyushu. He expanded to selling fuel oil for fishing boats in Shimonoseki.
After success in Japan, Idemitsu & Co. expanded to Manchuria (China) in 1914 where the Japanese-owned South Manchuria Railway was a major customer of lubricant. A branch was opened in Dalian, northeast China and Idemitsu attempted to enter the Chinese market that was dominated by western companies like Standard Oil and the Asiatic Petroleum Company (a Shell subsidiary). The company extended through northern China and into Korea and Taiwan.
After the Japanese invasion of Manchuria in 1932 the oil trade became government controlled and Idemitsu was forced to scale back. Instead he went into transport by oil tanker. In 1940 the headquarters were moved to Tokyo and the name changed to the current Idemitsu Kosan K.K. (kabushiki kaisha: stock company). With the Japanese military expansion and United States joining the Pacific War the government took control of all industries.
After the war Idemitsu Kosan lost its overseas trade with the Allied occupation of Japan. It was among the ten petroleum suppliers selected by the Ministry of International Trade and Industry (MITI) and cut its ties with Nippon Oil. Idemitsu began importing naphtha (an intermediate oil product) first from the United States and later from Venezuela and Iran. The protectionist Oil Industry Law helped Idemitsu against foreign competition in Japan, but also made owning its own refineries important. Idemitsu's first Tokuyama Refinery opened in 1957. This was followed by the Chiba oil refinery in 1963, Hyogo oil refinery in 1970, the Hokkaido oil refinery in 1973, and the Aichi oil refinery in 1975.
In 1953 Idemitsu sent its large tanker Nissho Maru to Iran to purchase oil. Iranian prime minister Mohammed Mosaddeq had recently nationalized the oil fields and was under British-led embargo (Abadan Crisis). Idemitsu managed to buy the oil at 30% below market price and displeased the British. This was popular with the Japanese public but got Idemitsu in conflict with the Japanese government and MITI. Later the same year was the 1953 Iranian coup d'état. In the 1960s, Idemitsu imported crude oil from Russia. Again, it got a good price at 40% below market value but angered the United States who decided to boycott Idemitsu when buying fuel for its military jets in Japan. Idemitsu called the boycott "an odd Christmas gift" but "utterly negligible." In 1978 it broke off contracts with the Soviet Union.
The company also came in conflict with the Petroleum Association of Japan which was set up by MITI to restrict production and Idemitsu even left the organization. In 1965 the seamen's union went on strike, the first of its kind in Japan. This led to petroleum shortages. Idemitsu then ignored the quotas and produced at full speed. When the price control and production quotas were removed in 1966, Idemitsu rejoined the PAJ. To please the MITI, Sazō Idemitsu's younger brother Keisuke Idemitsu took over as company president, while Sazō became chairman of the board, keeping the actual control.
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Idemitsu Kosan
Idemitsu Kosan Co., Ltd. (出光興産株式会社, Idemitsu Kōsan kabushiki gaisha; stylized in logo as idemitsu) is a Japanese petroleum company. It owns and operates oil platforms, refineries, produces and sells petroleum, oils and petrochemical products, and also operates gas stations under the apollostation brand and until 2023, in its own Idemitsu and Shell brands; the Shell brand being used under the license of Shell.
Idemitsu is the second largest petroleum refiner in Japan, after Eneos. It was ranked as the 262nd largest company in the world by revenue in Fortune Global 500 (2008). It is number 26 in petroleum refining. Idemitsu Kosan is listed in the First Section of the Tokyo Stock Exchange and, since absorbing Showa Shell Sekiyu in 2019, is a constituent of the Nikkei 225 index; however, it is not a constituent of the TOPIX 100 index (instead, it is a constituent of the TOPIX Mid400 index).
Sazō Idemitsu founded Idemitsu & Co. (出光商会, Idemitsu Shōkai) in 1911, selling lubricant oil for Nippon Oil in Moji, northern Kyushu. He expanded to selling fuel oil for fishing boats in Shimonoseki.
After success in Japan, Idemitsu & Co. expanded to Manchuria (China) in 1914 where the Japanese-owned South Manchuria Railway was a major customer of lubricant. A branch was opened in Dalian, northeast China and Idemitsu attempted to enter the Chinese market that was dominated by western companies like Standard Oil and the Asiatic Petroleum Company (a Shell subsidiary). The company extended through northern China and into Korea and Taiwan.
After the Japanese invasion of Manchuria in 1932 the oil trade became government controlled and Idemitsu was forced to scale back. Instead he went into transport by oil tanker. In 1940 the headquarters were moved to Tokyo and the name changed to the current Idemitsu Kosan K.K. (kabushiki kaisha: stock company). With the Japanese military expansion and United States joining the Pacific War the government took control of all industries.
After the war Idemitsu Kosan lost its overseas trade with the Allied occupation of Japan. It was among the ten petroleum suppliers selected by the Ministry of International Trade and Industry (MITI) and cut its ties with Nippon Oil. Idemitsu began importing naphtha (an intermediate oil product) first from the United States and later from Venezuela and Iran. The protectionist Oil Industry Law helped Idemitsu against foreign competition in Japan, but also made owning its own refineries important. Idemitsu's first Tokuyama Refinery opened in 1957. This was followed by the Chiba oil refinery in 1963, Hyogo oil refinery in 1970, the Hokkaido oil refinery in 1973, and the Aichi oil refinery in 1975.
In 1953 Idemitsu sent its large tanker Nissho Maru to Iran to purchase oil. Iranian prime minister Mohammed Mosaddeq had recently nationalized the oil fields and was under British-led embargo (Abadan Crisis). Idemitsu managed to buy the oil at 30% below market price and displeased the British. This was popular with the Japanese public but got Idemitsu in conflict with the Japanese government and MITI. Later the same year was the 1953 Iranian coup d'état. In the 1960s, Idemitsu imported crude oil from Russia. Again, it got a good price at 40% below market value but angered the United States who decided to boycott Idemitsu when buying fuel for its military jets in Japan. Idemitsu called the boycott "an odd Christmas gift" but "utterly negligible." In 1978 it broke off contracts with the Soviet Union.
The company also came in conflict with the Petroleum Association of Japan which was set up by MITI to restrict production and Idemitsu even left the organization. In 1965 the seamen's union went on strike, the first of its kind in Japan. This led to petroleum shortages. Idemitsu then ignored the quotas and produced at full speed. When the price control and production quotas were removed in 1966, Idemitsu rejoined the PAJ. To please the MITI, Sazō Idemitsu's younger brother Keisuke Idemitsu took over as company president, while Sazō became chairman of the board, keeping the actual control.