On Thursday, the shareholders of Japanese oil and metals major JXTG have formally approved the name change to Eneos. The decision is a part of the corporate restructuring.
The holding company is now known as Eneos Holdings. The oil refining subsidiary JXTG Nippon Oil & Energy changed the name to Eneos. Meanwhile, the two other wholly-owned subsidiaries did not change the name. They are still the upstream subsidiary JX Nippon Oil & Exploration and metal mining subsidiary JX Nippon Mining & Metals.
Eneos’ corporate restructuring means the management of the holding company and its core oil refining subsidiary are eventually integrated.
The company has a progressive investment plan to boost its low-carbon transition, focusing on infrastructure development for hydrogen used in automobile fuel cells, along with renewable power.
Eneos plans to push capital expenditure by 44% compared with the previous three years to JPY1.5 trillion (USD14bn) to the April 2022-March 2023 fiscal year.
