JXTG Holdings to change name to ENEOS Holdings
Japan’s JXTG Holdings, Inc. announced that it will change its name to ENEOS Holdings, Inc. In addition, JXTG Nippon Oil & Energy Corporation (JXTG Energy) will change its name to ENEOS Corporation, a brand used by the group for its energy business.
The company also announced that it aims to develop ENEOS into a global brand in order to achieve its goal of becoming “one of the most prominent and internationally-competitive energy and materials company groups in Asia.”
ENEOS is the combination of the word energy and neos (meaning new in Greek).
The change, which is subject to shareholder approval, will be adopted during the company’s Annual Shareholders Meeting to be held in June 2020.
The trade names of JX Nippon Oil & Gas Exploration Corporation and JX Nippon Mining & Metals Corporation will remain the same.
The ENEOS brand was launched in 2001 as a new brand for service stations, and after brand integration and expansion of its energy business areas through restructuring, it has become widely recognized throughout Japan through, among other things, approximately 13,000 service stations and its consumer electricity business, ENEOS Denki. By aligning the trade names with the brand, the company will be able to leverage a higher level of brand awareness for ENEOS.
In addition, JXTG Holdings, Inc. announced that it has decided to change the management structure of the company group into a structure where JXTG Energy will play a larger role. The new structure will integrate the management of the company and the management of JXTG Energy, which is the largest operating company among the group. The group has three core operating companies, including JXTG Energy, JX Nippon Oil & Gas Exploration Corporation and JX Nippon Mining & Metals Corporation.
In May, the company announced its long-term management policy, the “2040 JXTG Group Long-Term Vision,” in light of changes in the business environment surrounding the group, such as movements worldwide toward a low-carbon society, rapid innovation, and increased social momentum for companies to adopt ESG management.
Having the ability to accelerate decision-making and execution of its business in a rapidly changing business environment is an important step in achieving its long-term vision, the company said.
JXTG Holdings and JXTG Energy will have directors and officers holding posts concurrently in both the company and JXTG Energy where possible, consolidate decision-making bodies, and substantially operate as one operating holding company. However, the company and JXTG Energy will continue to be separate legal entities.