Japan: NIPPON MITSUBISHI OIL TO CUT REFINING CAPACITY BY 9PCTgreenspun.com : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread
TOKYO, Oct 06, 2000 (AsiaPulse via COMTEX) --
Nippon Mitsubishi Oil Corp. (TSE: 5001) decided
Friday to reduce the group's refinery capacity by
9%, or 121,000 barrels per day, starting next
April, company sources said.
The firm would try to improve profitability by
eliminating overcapacity jointly with Cosmo Oil Co.
(TSE: 5007) under the comprehensive business tie-up
concluded last year.
Nippon Mitsubishi will shut down a refinery operated
by affiliate the Wakayama Petroleum Refining Co.
which produces 50,000 barrels daily.
Refining capacity at three oil facilities run by
another subsidiary will also be reduced by a total
-- spider (firstname.lastname@example.org), October 06, 2000