Japan to cut refining capacity by 1.3 million b/d

摘要

Tokyo-Japanese refiners are expected to cut refining capacity by about 1.3 million b/d by the end of fiscal year 2013-2014 (April- March), compared with levels in April 2010, the Nikkei newspaper reported November 2, citing plans submitted by the companies to the Ministry of Economy, Trade and Industry. The Nikkei said the companies' planned reduction in refining capacity is due to Japan's diminishing domestic oil demand, as well as the need to meet the government's new requirement to raise cracking ratios.