Japan refiners urged to promptly cut nameplate capacity in line with regulation
Japan's Ministry of Economy, Trade and Industry has urged Japanese refiners to cut their nameplate capacities as quickly as possible in response to regulations implemented July 31.
"We hope to see reductions in nameplate capacity as quickly as possible," a ministry official told Platts on Tuesday, November 4, pointing to the country's shrinking domestic oil demand.
On October 31, METI received regulatory response plans from refiners JX Nippon Oil & Energy, Idemitsu Kosan, Cosmo Oil, Showa Shell, TonenGeneral, Fuji Oil and Taiyo Oil.
Refiner Nansei Sekiyu was exempted from the previous regulation for annual crude processing volume of less than 3 million kl, or 52,000 b/d, at its sole 100,000 b/d Nishihara refinery in Okinawa. It is also exempt from the new regulations, the official said.
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- November 6, 2014
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