02 November 2012 12:14 [Source: ICIS news]
TOKYO (ICIS)--Japanese refiner JX Nippon Oil and Energy plans to terminate all petroleum refining at its 180,000 bbl/day Muroran refinery at the end of March 2014, and turn the facility into a petrochemical production base by June 2014, the company said on Friday.
After the termination, JX group’s total refining capacity will decrease to 1.21m bbl/day, the refiner said in a statement.
The move was to reduce the company’s oil refining capacity to respond to declining petroleum demand, and begin producing petrochemical products due to an expected increase in demand, by making use of the existing secondary units at Muroran, JX said.
The Muroran refinery in Hokkaido will produce and export undisclosed capacities of aromatic feedstocks for the new 1m tonne/year paraxylene (PX) plant in South Korea which JX is currently constructing in a joint venture with SK Innovation, according to JX.
The PX unit is scheduled to start up by the end of March 2015, the refiner said.
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