Idemitsu Kosan cuts Japan refining output til Dec

28 November 2008 12:37  [Source: ICIS news]

TOKYO (ICIS news)--Japan’s Idemitsu Kosan has decided to cut its crude oil refining volume by an additional 100,000 kilolitres to year-end due to weak demand, the refiner said on Friday.

The amount of crude oil refined during the period would be 7.4m kilolitres, down 15% from the same time a year earlier, the company added.

Idemitsu had in early September announced that it planned to reduce the volume of crude oil refining by 1.2m kilolitres in Octover-December due to a decrease in domestic demand, it said.

However, sales of products including kerosene declined more than expected, the refiner added.

The company would observe the situation in December and make refining plans for January-March period as demand trends were changing dramatically, it said.

Idemitsu had also reduced operating rates at its two naphtha crackers to 75-80% in November due to sluggish demand.

In a similar move, Nippon Oil plans to shut one of its crude distillation units (CDU) at Mizushima and two paraxylene (PX) units at Mizushima and Oita for a month due to weak demand.

A number of Japanese chemical producers including Japan Energy have been cutting operating rates at their plants in recent months.

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By: Tomomi Yokomura
+65 6780 4359



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