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Showa Shell to raise oil export capacity – source

Reuters

Tue Dec 16, 2008 2:51am EST

 

TOKYO, Dec 16 (Reuters) – Showa Shell Sekiyu (5002.T: QuoteProfileResearch,Stock Buzz), Japan’s fifth-biggest oil refiner, has been making efforts to boost its oil export capacity to make up for a shrinking domestic market, a company source said.

The source declined to provide details but the NenryoYushi, an energy industry newspaper, reported that Showa Shell aims to roughly double its export capacity to about 5 million kilolitres a year (86,000 barrels per day).

Japanese refiners including top-ranked Nippon Oil Corp (5001.T: QuoteProfile,ResearchStock Buzz) have been raising oil export capacity as the economic downturn and aging population eat into energy demand at home. Japan’s oil product sales in October tumbled to their lowest level in 20 years for the month. [ID:nT137450]

Showa Shell said in October it expected to more than triple its oil product exports to 850,000 kl (58,000 bpd) in October-December compared with a year earlier, to compensate for flagging sales at home.

Last month, it cut its crude refining volume plan by 100,000 kilolitres (630,000 barrels) in November-December from its original plan in response to declining demand at home. (Reporting by Osamu Tsukimori; Editing by Chris Gallagher)

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