TOKYO - Nippon Oil Corp (5001.T: Quote, Profile, Research, Stock Buzz), Japan's biggest oil refiner, said on Monday it has cut its crude oil refining volume for September by 240,000 kilolitres from its original plan to 3.22 million kl (675,000 barrels per day) due to slow domestic demand.
The revised refining volume for September marks a 10 percent fall from a year earlier. The company last month initially projected it would process 3.46 million kl (725,000 bpd) of crude this month, down 3 percent.
This month, domestic refiners including Idemitsu Kosan (5019.T: Quote, Profile, Research, Stock Buzz), Cosmo Oil Co (5007.T: Quote, Profile, Research, Stock Buzz) and Showa Shell Sekiyu KK (5002.T: Quote, Profile, Research, Stock Buzz) have announced crude refining cuts in the face of slowing demand due to strong global oil prices, and amid planned refinery maintenance.
Nippon Oil's revised plan comes as sales of gasoline and middle distillates are projected to be down by more than 10 percent in September from a year earlier, a company spokeswoman said.
Nippon Oil officials declined to comment on an industry report that a catalytic reformer at its Sendai refinery in northeastern Japan has been shut due to slow gasoline demand.
The revised refining volume for September marks a 10 percent fall from a year earlier. The company last month initially projected it would process 3.46 million kl (725,000 bpd) of crude this month, down 3 percent.
This month, domestic refiners including Idemitsu Kosan (5019.T: Quote, Profile, Research, Stock Buzz), Cosmo Oil Co (5007.T: Quote, Profile, Research, Stock Buzz) and Showa Shell Sekiyu KK (5002.T: Quote, Profile, Research, Stock Buzz) have announced crude refining cuts in the face of slowing demand due to strong global oil prices, and amid planned refinery maintenance.
Nippon Oil's revised plan comes as sales of gasoline and middle distillates are projected to be down by more than 10 percent in September from a year earlier, a company spokeswoman said.
Nippon Oil officials declined to comment on an industry report that a catalytic reformer at its Sendai refinery in northeastern Japan has been shut due to slow gasoline demand.
