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Reforming management in a time of mega-competition: From 1996

While the industry overwhelmingly favored extending the Provisional Measures Law on Imports of Specific Petroleum Refined Products, Idemitsu, taking into consideration to counsumers' benefit, argued for the need to build a stronger petroleum industry capable of standing up to international competition.

The Provisional Measures Law on Imports of Specific Petroleum Refined Products was allowed to expire in 1996 and it made service stations a wide range of new concept like self-service.
On the eve of the 21st century, the petroleum industry had entered a new mega-competition era.

Idemitsu forged ahead with structural reforms designed to make the company more open and to put it on a sounder footing. These measures included the selection and consolidation of business lines, active business alliance with other companies, financial reinforcement, and a review of the management framework.

Reforming management in a time of mega-competition: From 1996

Year History of Idemitsu Social Events
1996 Idemitsu Oita Geothermal Co., Ltd. started up operations at Takigami Power Station. March: Provisional Measures Law on the Importation of Specific Kinds of Petroleum Refined Products abolished.
1998 All Idemitsu refineries and petrochemical plants obtained ISO 14001 certification.
Idemitsu's first self-serve station opened in Hachioji Tokyo.
February: Nagano Winter Olympics held.
2000 Increased capital to 35.6 billion yens by issuing preferred shares.  
2001 IR Preparations Office established and preparations for listing begin. September 11 terrorist attacked on the United States.
Petroleum Industry Law repealed.
2002 Electronic Materials Office established.  
2003 Production discontinued at Hyogo and Okinawa refineries.
Tank fire at Hokkaido Refinery.
Joint venture formed between Idemitsu Credit Co., Ltd and Credit Saison Co., Ltd.
U.S.- and British-led forces launched their invasion of Iraq.
Tokachi-oki earthquake
2004 Idemitsu Kosan and Idemitsu Petrochemical are merged. NYMEX crude oil price broke through $50/barrel level.
2005 Prime Polymer Co., Ltd. established, joint venture between Mitsui Petrochemical, Inc and Idemitsu Kosan.
Capital increased to 51.3 billion yen through third-party allocation of shares and cancellation of preferred stock.
Kyoto Protocol took effect.

A century of "respect for human beings"

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