TOKYO, Oct 06, 2000 (AsiaPulse via COMTEX) --
Nippon Mitsubishi Oil Corp. (TSE: 5001) decided
Friday to reduce the group's refinery capacity by
9%, or 121,000 barrels per day, starting next
April, company sources said.

The firm would try to improve profitability by
eliminating overcapacity jointly with Cosmo Oil Co.
(TSE: 5007) under the comprehensive business tie-up
concluded last year.

Nippon Mitsubishi will shut down a refinery operated
by affiliate the Wakayama Petroleum Refining Co.
which produces 50,000 barrels daily.

Refining capacity at three oil facilities run by
another subsidiary will also be reduced by a total
71,000 barrels.

Northern Light

-- spider (spider0@usa.net), October 06, 2000