AOC And Fuji Oil To Merge
The Japanese-owned Arabian Oil Company (AOC) announced on 18 October that it is to merge with the Fuji Oil Company refining group in January. Shares in the new holding company will be issued on a one-for-one basis for current shares in both firms. The holding firm will be capitalized at 20bn ($160mn). We want to maximize the effectiveness of AOCs crude oil production and Fujis refining and sales capabilities, an AOC spokesman said....