TOKYO (AP) - JX Holdings Inc., Japan's largest oil refiner and wholesaler, has agreed to take over smaller rival TonenGeneral Sekiyu, forming a behemoth with combined sales of 14 trillion yen ($113 billion).

TOKYO (AP) JX Holdings Inc., Japan's largest oil refiner and wholesaler, has agreed to take over smaller rival TonenGeneral Sekiyu, forming a behemoth with combined sales of 14 trillion yen ($113 billion).

JX Holdings said Thursday that the two companies will combine through a share swap in 2017 in the latest move toward consolidation in a shrinking industry.

Refiner Idemitsu Kosan earlier announced plans for a merger with Showa Shell Sekiyu, also in 2017.

Given their size, the deals are likely to be screened by the Fair Trade Commission for anti-monopoly concerns.

JX Holdings has about a 30 percent market share in Japan and runs Eneos brand gas stations. Tonen General operates Esso, Mobile and General brand gas stations.

Japan has been shuttering refineries as demand falls due to improved fuel efficiency.