Japan refiners JX, TonenGeneral agree to merge in 2017
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Tokyo
JAPAN'S JX Holdings and TonenGeneral Sekiyu have agreed to merge in 2017, the companies said in a statement on Thursday, joining forces to create a dominant player in a refining market that is in long-term decline.
Japan has been encouraging consolidation in its refining sector, where five big refiners and three smaller ones are vying for business from a shrinking population increasingly opting for more fuel-efficient vehicles.
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