FGE: Japan likely to see further cuts to refining capacity

A 2010 ordinance enacted by Japan's Ministry of Economy, Trade, and Industry (METI) requiring Japanese refiners to raise their mandatory cracking-to-crude distillation capacity ratio has succeeded in slashing the country's refining capacity, but further cuts are likely to occur by 2018, says Facts Global Energy (FGE). In a study issued on May 21, FGE estimates that, as of end-March, compliance with the METI ordinance has reduced Japan's refining capacity to just below 4 million b/d, a drop of 900,000 b/d from April 2010. Implemented in July 2010 with the objective of improving the sophistication of Japanese refineries by April, the ordinance stipulated refiners to either upgrade their hea...

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