Idemitsu buys Australian petroleum

Japan's major oil refiner Idemitsu Kosan Co. said on Monday it has acquired the Brisbane-based Freedom Energy Holdings Pty Ltd. "Idemitsu is enhancing the petroleum products business in growing overseas markets centered on the Pacific Rim. As part of this process, it has acquired Freedom, an independent Australian petroleum products distributor," the Japanese firm said in a statement, revealing that it bought 100 percent of Freedom's shares on December 14th. Freedom sells petroleum products through wholesale and operates about 40 gas stations on Australia's east coast through a terminal located in Brisbane in Queensland, according to Idemitsu. "Growing petroleum products demand in Australia is expected to continue, and the volume of petroleum products imports is projected to increase as well," the Tokyo-based company said. In the future, through utilizing its overseas supply, trading, and sales networks, Idemitsu will strengthen business operation in Australia and expand its petroleum products business in the Pacific Rim, it added. Freedom's net sales for the year to June 30 stood at AUD 843 million (USD 891 million).