Japan: Cosmo Energy acquires stake in Kygnus Sekiyu

Cosmo Energy Holdings (CEH) has acquired 20% of common share of petrol station operator Kygnus Sekiyu as part of a business and capital alliance agreement recently signed by the two companies.

The partnership aims to "reinforce competitiveness in order to respond to changes in business environments," stated a company release.

Declining domestic demand for petroleum products has been confronting Japan for years.

Details of the alliance will be determined, but according to a Nikkei Asian Review report, CEH will supply petroleum products to Kygnus fuel stations.

Notification regarding this scheme has been submitted to the Japan Fair Trade Commission.

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