Toa Oil Company

What Toa Oil Company does

Toa Oil Company (東亜石油株式会社) is a petroleum refining and electric power generation operator headquartered in Kawasaki, Kanagawa, Japan, founded in 1924 and operating as a commissioned processor inside the Idemitsu Kosan Group. The company runs two co-located businesses on the Keihin waterfront: the Keihin Refinery, with a crude oil processing capacity of 70,000 barrels per stream day (BPSD) anchored by Japan's only Flexicoker (FLG) — a world-first commercial unit with 40+ years of operation that thermally cracks vacuum residue into high-value gasoline, kerosene, and light oil — combined with atmospheric/vacuum distillation, FCC (42,000 BPSD), and a 99% cracking-equipment ratio that is the highest in Japan's domestic refining sector; and the Mizue Power Plant, an integrated 276MW combined heat and power facility that burns by-product gas and residual oil from the refinery. Heavy-crude specialization (average API ~27 vs national average of ~36) and 99.8%+ dust removal via dual electrostatic precipitators support environmental compliance and a ~56% cogeneration energy efficiency.

The business model is a captive B2B commissioned-processing arrangement: Idemitsu Kosan supplies crude oil and feedstock, Toa Oil returns finished petroleum products (gasoline, kerosene, light oil, heavy oil, and propylene at 99.5%+ purity) and electricity, with revenue earned as processing fees under tolling agreements rather than direct product sales. Distribution is owned by Idemitsu Kosan's network, with ~60% of refined volume shipped by road tanker to the Greater Tokyo metropolitan area and the balance by sea to East Japan; a submarine pipeline connects the site to ENEOS's Kawasaki refinery for feedstock interchange. The sole commercial customer is the Idemitsu Kosan Group, making the relationship both the company's core revenue channel and its principal concentration risk.

Certifications include ISO 9001, ISO 14001, and the JIS Mark for petroleum products. Operations are subject to Japanese high-pressure gas and safety regulation; an administrative action under the High-Pressure Gas Safety Law was issued against the Keihin Refinery in September 2024. The company celebrated its 100th anniversary in 2024 and maintains training infrastructure (TOA Academy) to preserve operational know-how around its specialized Flexicoker workforce; an executive-structure change took effect June 24, 2026. Note: source materials are inconsistent regarding public-market status — the firmographics listing indicates a public company on the Tokyo Stock Exchange (tyo:5008), while a separate data block describes Toa Oil as a privately-held subsidiary of Idemitsu Kosan with no listing.

Name

Toa Oil Company

Legal name

東亜石油株式会社 TOA Oil Co., Ltd.

Website

https://toaoil.co.jp

Company type

Private

Founded year

1924

Operating status

Operating

Headcount range

251–500 employees

Short description

Toa Oil Company is a Kawasaki-based, Idemitsu Kosan-affiliated petroleum refiner (70,000 BPSD) and 276MW power generator, operating as a commissioned processor with Japan's only Flexicoker and serving the Greater Tokyo metropolitan area.

Ownership category

akta.pro rank

Product category

Petroleum Refining

NAICS

Petroleum Refineries (32411), Petrochemical Manufacturing (32511)

SIC

Petroleum Refining (2911)

akta.pro primary industry

Steam Cracking & Feedstock Flexibility Services (Cracker optimization, feed switching, co-product recovery) (EUALAHAJ)

akta.pro secondary industry

Refinery Offsites, Storage & Loading (Tankage, Truck/Rail/Marine Loading) (EUALAGAK)

Keywords

• Petroleum refining services
• Commissioned crude processing
• Heavy oil conversion
• Cogeneration power generation
• Integrated refinery operations

Headquarters

HQ city

Kawasaki

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Petroleum Refining (Commissioned): TOA Oil receives crude oil and feedstock from Idemitsu Kosan, refines it into finished petroleum products (gasoline, kerosene, light oil, heavy oil, propylene), and returns the products to Idemitsu Kosan. Revenue is earned as a processing fee under a commissioned refining arrangement.
2. Power Generation (Commissioned): TOA Oil generates 276MW of electricity using by-product gas and residual oil from the refining process, under commissioned power generation from Idemitsu Kosan. The power is sold/supplied externally through Idemitsu's framework.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Toa Oil Company operates a commissioned petroleum refining business and an electric power generation business at the Keihin waterfront in Kawasaki as a subsidiary of the Idemitsu Kosan Group. It receives crude oil and feedstock (70,000 BPSD processing capacity) from Idemitsu Kosan, refines it into gasoline, kerosene, light oil, heavy oil, and propylene, and returns the products to Idemitsu's distribution network. It also generates 276MW of electricity using by-product gases and residual oil from refining, sold externally under Idemitsu's commissioned power generation framework.

Product overview

Toa Oil Company operates two core business segments: petroleum refining and electric power generation. The petroleum refining business processes crude oil and feedstock into various petroleum products (gasoline, kerosene, diesel, heavy oil) using an integrated system of refining equipment including atmospheric/vacuum distillation, hydrodesulfurization, catalytic cracking (FCC), and the world's only Flexicoker unit. The power generation business utilizes by-product gas and residual oil from refining to generate 276MW of electricity. The company operates the Keihin Refinery and Mizue Power Plant in the Keihin waterfront area of Kawasaki, Kanagawa Prefecture, as part of the Idemitsu Kosan group.

Differentiator

Problem solved

Functional benefit

Products and services

• 石油事業 (Petroleum Refining Business) Commissioned petroleum refining service that processes crude oil and feedstock (capacity: 70,000 BPSD) into gasoline, kerosene, light oil, heavy oil, and propylene for Idemitsu Kosan. Features the highest cracking-equipment ratio in Japan (~99%) with the only commercial Flexicoker (FLG) unit in the country. Serves as Idemitsu Kosan Group's commissioned Keihin-region refinery.
• 電気事業 (Electric Power Generation Business) Commissioned electric power generation service at the Mizue Power Plant (total capacity: 276MW) using by-product gas and residual oil from petroleum refining. Operates a cogeneration system at ~56% energy efficiency, supplying electricity externally while providing steam to the refinery. Serves Idemitsu Kosan's commissioned power generation framework.

Quantifiable outcome

• 99.8%+ dust removal rate in power plant flue gas emissions (electrostatic precipitators)
• +3 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• 出光興産株式会社 (Idemitsu Kosan Co., Ltd.)coreStrategic or Co-development PartnerTOA Oil is a member of the Idemitsu Kosan Group and operates under commissioned refining and power generation agreements. Idemitsu Kosan supplies crude oil and feedstock to TOA Oil and receives finished petroleum products. TOA Oil is integral to Idemitsu Kosan's energy supply chain in the Keihin/Tokyo metropolitan region.

Scale indicators8 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• ENEOS Holdings: Japan's largest oil company and refiner, operating refineries directly connected to TOA Oil's Keihin facility via submarine pipeline for feedstock interchange. Same geographic and regulatory market with overlapping petroleum product slate.
• Kygnus Sekiyu: Regional Japanese refiner operating refining assets within Japan serving domestic petroleum markets. Comparable operating model and product slate, though smaller in scale than TOA Oil's commissioned operation.
• Cosmo Energy Holdings: Japanese integrated oil company operating refineries producing gasoline, kerosene, and diesel in the same domestic market. Comparable refining capacity, similar product slate, and identical regulatory and decarbonization headwinds.
• Fuji Oil Company: Japanese petroleum refiner operating under a similar commissioned processing model, processing feedstock on behalf of a major Japanese oil group. Closely comparable in business model and scale of refining operations within the Japanese market.
• Idemitsu Kosan Co., Ltd. Parent company and sole counterparty for TOA Oil's commissioned refining and power generation. Japan's second-largest oil company with its own refineries and nationwide distribution network that overlaps directly with TOA Oil's service territory.
• Taiyo Oil Company: Japanese petroleum refiner of similar scale producing gasoline, kerosene, diesel, and heavy fuel oil. Closely comparable refining capacity range, product mix, and Japanese-market exposure to TOA Oil's Keihin operation.

Regional players

• Marathon Petroleum Corporation: US pure-play refiner with refining capacity and complexity profile comparable in scale to TOA Oil. Different geography but similar business model of processing crude into light products without integrated retail, providing useful benchmark for refining economics.
• S-OIL Corporation: Korean refiner with comparable refining capacity and integrated cracker operations in a neighboring Asian market. Relevant peer for benchmarking Japanese refining economics against Korean competition in regional product trade.
• Phillips 66: US-based refiner and midstream operator with comparable refining complexity and capacity profile. Different geography but similar pure-refining orientation (limited upstream integration) makes it a useful benchmark for refining margin economics and capex patterns.

Broad incumbents

• ExxonMobil Corporation: Global integrated energy major operating multiple Flexicokers worldwide (Baytown, Baton Rouge, Antwerp). Most direct technological analog to TOA Oil's FLG unit, though ExxonMobil's scale, integration, and global footprint are far broader.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/toa-oil-co-ltd

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Toa Oil Company