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Article: Japan : Nippon Oil, Nippon Mining to cut refining capacity.
- Article from:
- TendersInfo
- Article date:
- October 31, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: manish03
Nippon Oil Corp (5001.T), Japan's top refiner, and smaller peer Nippon Mining Holdings Inc (5016.T) said their merged JX Group would move forward by a year a plan to cut oil refining capacity by 400,000 barrels per day (bpd).
As a result of weak domestic demand, the new firm, which will have 38 percent of Japan's refining capacity, will make the cut by March 2011. It also aimed to reduce an extra 200,000 bpd refining capacity by the end of March 2015.
Nippon Oil President Shinji Nishio, who will serve as chairman of the holding company JX Holdings Inc to be created in April, said the timetable for a 200,000 bpd cut may be ...