People & Business :: Emerging Companies
Japanese Refining Megamerger Is Likely to Impact Petchems
8:54 AM MST | December 15, 2008 | Ian Young
The planned merger of Nippon Oil (Tokyo) and Nippon Mining Holdings (Tokyo) will have a big impact on Japan’s petrochemical industry because both companies have major petchem capacity, analysts say. The deal, announced early this month, will lead to heavy restructuring. The partners aim to cut refining capacity by 400,000 bbl/day in Japan by April 2012 and reduce their combined annualized costs by more than ¥60 billion ($652 million) by April 2013. The merger is expected to take the form of an acquisition by Nippon Oil of Nippon Mining. The...
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