Japan’s Idemitsu to buy U.S. oil wholesale business

Idemitsu Kosan (5019.T), Japan’s third-largest oil refiner, has agreed to buy the oil wholesale operations of U.S. firm New West Petroleum.

The press release is quoted as saying:

Idemitsu announced on Thursday that it had reached a basic agreement to acquire the oil wholesale operations from the Sacramento, California-based company on June 1 for an undisclosed price. New West Petroleum annually sells around 1.4 million kilolitres (8.8 million barrels) of gas oil and 1 million kl of gasoline, and had revenue of $1.17 billion last year.

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