Japan's biggest refiner, Eneos Holdings (TYO:5020), said yesterday it would buy Japan Renewable Energy (JRE) for about 200 billion yen ($1.8 billion) to expand its low-carbon business. Significantly, the move marks the first major acquisition of a big renewable energy firm by an established Japanese oil wholesaler.
Marathon Petroleum has reported a 77% drop in quarterly profit after it took an inventory valuation adjustment charge of $370million. The refiner said the net income attributable to the company fell to $187million for the quarter ended to December 31st from $798million. The company revenue fell nearly 30 percent to $15.61 billion.
For the first new refinery in the U.S. in seven years, the idea was simple: Buy cheap oil from shale producers, then score a quick profit by selling it right back to them as more expensive diesel needed to power their trucks and drilling rigs.