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Idemitsu to Cut Crude Refining by 14 Pct in Oct.-Dec.
 

Tokyo, Sept 5, 2008 (Jiji Press) - Japan's Idemitsu Kosan Co. <5019> said Friday it will cut crude oil refining by 14 pct to 7.5 million kiloliters in the October-December quarter from a year before amid slower fuel demand.

Idemitsu, which started reducing refining in August, plans to trim refining by 5 pct to 5.6 million kiloliters in the two months ending Sept. 30.

In order to make up for falling demand in Japan, the company will begin exporting gas oil to Mexico at an annual pace of 200,000 kiloliters later this year. The firm will also consider exporting gasoline.


By Jiji Press, (c) Jiji Press

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