The progress of the shale-gas revolution in recent years is having a massive impact not just on the balance among energy sources but on international economics and international politics as well. In Japan, since the Great East Japan Earthquake it has become difficult to continue the previous energy policies centered on nuclear power. Today, in a time of domestic and international turmoil, Japan, which is lacking in natural resources, needs to realize energy security from a global perspective.
At the same time, environmental problems are becoming a serious social problem for emerging markets, which will see growing demand for energy as they experience economic growth in the future. Japan, with the technologies and expertise it has accumulated through now in energy conservation and other areas, needs to play a major role in helping emerging markets to build sustainable societies.
It is under these circumstances that Idemitsu has begun, in April 2013, its Fourth Consolidated Medium-term Management Plan. The plan identifies as its main themes contributing to Japan’s energy security, contributing to economic growth in Asia, and utilizing Idemitsu’s unique technologies to contribute to a society in harmony with the environment. In core businesses such as fuel products and petrochemicals, we will both make our businesses in Japan more competitive and advance further globalization. In our resource businesses, we will enhance our resource portfolio through entering the gas business and securing unconventional resources. In addition, in our functional materials businesses such as lubricants and organic light-emitting diodes (OLEDs) we will carry out product development to contribute to the environment using our own technologies and accelerate the globalization of those businesses. Through these business-development efforts, our goal is to complete the building of a business portfolio for rapid progress and growth together with making the three contributions listed above.
Over the 104 years since Sazo Idemitsu founded Idemitsu, our Management Philosophy of “respect for human beings” has remained completely unchanged. This policy states that we will “Practice people-centered business management and aspire to be a company that contributes to the nation and society through the conduct of business.” We will continue to make unremitting efforts and take on various challenges in order to contribute to the development of a society with harmony between the economy and the environment.