Nippon Oil, China’s CNPC in talks on refinery joint venture

HONG KONG (MarketWatch) — Nippon Oil Corp. and China National
Petroleum Corp. have entered into talks that may see the Chinese group take a minority stake in Nippon Oil’s Takaishi refinery in Osaka, Western Japan. The talks are centered on forming a joint venture in the management and operation of the refinery, with Nippon Oil holding a 51% stake and CNPC holding 49%, according to newswire reports citing comments by Nippon Oil president Shinji Nishio. The deal is designed to make use of spare capacity at the 115,000-barrel-per-day refinery amid slumping demand for refined petroleum products in Japan and rising demand in China. The refinery is the six-largest domestic refinery operated by Nippon Oil

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Original post by Forextvblog

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