Seibu Oil Co., Ltd. formulates new business plan for Yamaguchi Refinery- Transforming the business into a regional industrial hub that will supply locally produced, locally consumed, carbon-free energy and recycle Resources-

Idemitsu Kosan Co.,Ltd. (Head office: Chiyoda-ku, Tokyo; President and CEO: Shunichi Kito; hereinafter "Idemitsu Kosan") will transform the Yamaguchi Refinery, into a "base for locally produced and locally consumed carbon-free energy supply and Resources circulation, as well as technology development and demonstration" by the 2030s. The concept is "Green Transformation Western (GX Western)." In collaboration with Sanyo-Onoda City, Yamaguchi Prefecture, and local companies and universities, the company aims to contribute to the sustainable development of the region, including decarbonization and regional revitalization.

Idemitsu Kosan will suspend the refining function of the Yamaguchi Refinery (crude oil processing capacity: 120,000 barrels per day) in March 2024 due to a review of the Group's manufacturing and supply system in light of a future decline in domestic and overseas demand for petroleum products and the global trend toward decarbonization. Even after the suspension of refining functions, the refinery will continue to function as a petroleum product import/export base, a stockpile base, and a solar panel power generation business, and will utilize Seibu Oil's technology and infrastructure to promote new businesses that maximize their value.

"Carbon-Free Power Supply Center": Supply electricity to nearby customers by expanding the solar panel power generation business and generating electricity using carbon-free energy.
"Technology Development and Demonstration Testing Center": This center will conduct research in collaboration with industry, government, and academia as a place for technological development and verification of cutting-edge technologies aimed at the manufacture and mass production of carbon-free energy.
Biomass and Resources Recycling Center: This center aims to realize a recycling-oriented society by utilizing waste and unused Resources generated in the region and converting them into fuel, chemicals, etc.

Idemitsu Kosan and Seibu Oil, which has contributed to the stable supply of petroleum products in Western Japan for approximately 60 years since its founding, will contribute to the local community by fulfilling their responsibilities to supply carbon-free energy and recycle Resources through the realization of "GX Seibu."