Idemitsu Kosan announces targets

Japan’s Idemitsu Kosan Co. intends to log a group operating profit of 100 billion yen (US$1.1 billion) or more in the year to March 2012, President Kazuhisa Nakano said. The target is some 60% higher than the Japanese oil refiner’s estimate for the year to March 2010. The company plans to include the target in a mid-term business plan that it expects to compile by the end of December. Idemitsu will strengthen operations in new fields such as renewable energy to offset a decline in domestic oil demand, Nakano said in an interview with Jiji Press. The company hopes to earn an operating profit of between 30 and 40 billion yen (US$334.5-446.0 million) in both resource development and new business areas, he said. The company plans to beef up wind and geothermal power generation, while promoting biofuel business in Southeast Asia, he said. (August 6, 2009)