Japan’s Cosmo oil to invest in green energy

Japan’s third-biggest oil refiner, Cosmo Energy Holdings Co Ltd, has announced its plans to dedicate 30 percent of its $3.2bn investment to green energy for the next three years, Reuters published on Wednesday.

The new business plan for the upcoming three years allocates about 100 billion yen ($765) to a green electricity supply chain, including wind power for instance. Additionally, Cosmo shall allocate 40 billion yen to next-generation energy.

Shigeru Yamada, Cosmo senior executive officer said he expects future demand on petroleum products to drop about 203 percent annually. “So we are increasing our spending in green power and energy,” Yamada stated in a news conference reported by Reuters.

Cosmo giant oil firm hopes to improves its recurring profit to reach 165 billion yen by March 2026.