25 March 2010 14:41 [Source: ICIS news]
SINGAPORE (ICIS news)--Japanese refiner Idemitsu Kosan plans to shut down three of its refineries during the second half of 2010 in response to weak market conditions, a source close to the company said on Thursday.
The source said the company planned to shut down its 140,000 bbl/day ?xml:namespace>
Indemitsu’s 120,000 bbl/day Tokuyama refinery would shut down between November and December also for around 30 days, the source said.
Earlier in March, Indemitsu announced plans to lower operating rates at its refineries to around 448,000 bbl/day or around 70% of capacity from 1 April. Earlier in 2010 operating rates were around 79% of capacity.
The move by Indemitsu has come amid an ongoing decline in Japanese oil demand over recent years, which has been exacerbated by the recent global recession.
The decline in
Idemitsu operates four refineries in
($1 = €0.75)
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