08 May 2008 05:20 [Source: ICIS news]
SINGAPORE (ICIS news)--Nippon Oil Corp (NOC) will set up a new company in joint venture (JV) with China National Petroleum Corp (CNPC) by April 2009 to run its Osaka refinery, a company spokesman said on Thursday.
"NOC decided to establish this JV company with CNPC because we have always had a good working relationship with CNPC and also, we feel that this will benefit us in the long run," the spokesman added.
NOC would hold a 51% stake with CNPC holding the remainder shares in the new company which would run the 115,000 bbl/day refinery in Osaka.
CNPC would be in charge of procuring raw materials and for sales of petroleum products while NOC would run the operations of the refinery, the spokesman said.
The companies planned to use CNPC’s large global networks to export the product volumes from the refinery.
Nippon Oil Corp has six refineries in Japan with a combined refining capacity of 1.157m bbl/day.To discuss issues facing the chemical industry go to ICIS connect
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