Top Japanese Refiners Step Back From Low-Carbon Investments

Japan’s biggest oil refiners are following the latest trend among Big Oil to return to focus on fossil fuel supply. The top oil refiners in Japan have recently announced lower investments in low-carbon fuels, including ammonia and hydrogen, amid slower uptake and higher costs of green energy solutions, Reuters reports, citing company executives.

For example, Eneos Holdings, the biggest refiner in crude import-dependent Japan, has seen costs for ammonia and green hydrogen soar and make capital expenditure (capex) planning more challenging,…