TOKYO - Japanese refiner Cosmo Oil Co (5007.T) said on Wednesday it is likely to refine less crude oil in January-February than during the same period a year earlier because of weak demand.
Cosmo Oil processed 6 percent less in October-December than in the year-ago period.
Cosmo, the nation's fourth-biggest refiner, estimated its refining volumes in November-December to be 300,000 kilolitres less (1.89 million barrels, or 31,000 barrels per day) than the same period a year ago, compared with its initial plan to cut 180,000 kl, a company spokesman said.
As a result, the company's crude refining volumes for October-December were reduced to a total 6.7 million kilolitres (42.1 million barrels, or 458,000 bpd), down 6 percent from a year earlier.
Cosmo has capacity to refine 635,000 bpd.
A number of refiners in Japan have been curbing crude runs as global economic slowdown accelerates a decline in domestic demand.
Japan's top refiner Nippon Oil Corp (5001.T) said last week it is likely to refine 25 percent less crude in January from the same period a year ago. [ID:nT158098]
Cosmo also said it may reduce or stop kerosene imports from now on depending on weakness in domestic demand.
Cosmo Oil processed 6 percent less in October-December than in the year-ago period.
Cosmo, the nation's fourth-biggest refiner, estimated its refining volumes in November-December to be 300,000 kilolitres less (1.89 million barrels, or 31,000 barrels per day) than the same period a year ago, compared with its initial plan to cut 180,000 kl, a company spokesman said.
As a result, the company's crude refining volumes for October-December were reduced to a total 6.7 million kilolitres (42.1 million barrels, or 458,000 bpd), down 6 percent from a year earlier.
Cosmo has capacity to refine 635,000 bpd.
A number of refiners in Japan have been curbing crude runs as global economic slowdown accelerates a decline in domestic demand.
Japan's top refiner Nippon Oil Corp (5001.T) said last week it is likely to refine 25 percent less crude in January from the same period a year ago. [ID:nT158098]
Cosmo also said it may reduce or stop kerosene imports from now on depending on weakness in domestic demand.
