Power companies will consume about 40 billion litres or 250 million barrels of oil in FY2012, up from about 13.5 billion litres or 85 million barrels in the last financial year of 2010 ending March 31 2011, said the President of the Petroleum Association of Japan (PAJ). At a news briefing last month, Akihiko Tembo said Japan's underutilised refineries will have no difficulty ramping up production to meet the projected higher fuel demand to generate electricity to offset the loss much of the country's nuclear power capacity following the earthquake and tsunami disaster of March 11.
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