Japan's Nippon Oil, Nippon Mining to merge
Friday, 5 December 2008
TOKYO, Dec 4 (AFP): Nippon Oil Corp., Japan's top oil refiner, and Nippon Mining Holdings Inc. said today they had agreed to merge in response to dramatic changes in the global energy industry.
The move comes against a backdrop of plunging crude oil prices as fears grow of a deep global recession.
The companies plan to merge by October next year under a single holding company and integrate their businesses to become "one of the world's leading integrated energy, resources and materials groups," they said.
The two firms, which are both active in the energy, resources and materials industries, said the merger was in response to "continuing and unprecedented changes expected in the current business environment."
The move comes against a backdrop of plunging crude oil prices as fears grow of a deep global recession.
The companies plan to merge by October next year under a single holding company and integrate their businesses to become "one of the world's leading integrated energy, resources and materials groups," they said.
The two firms, which are both active in the energy, resources and materials industries, said the merger was in response to "continuing and unprecedented changes expected in the current business environment."