Caltex to reduce stake in Japans refining industry

Caltex Petroleum Corp., Dallas, last week disclosed it has signed a letter of intent for a billion dollar sale of a share of its ownership in the refining industry of Japan. The agreement involves almost half a billion barrels a day of refining capacity at two plants in Japan, or about 10% of the countrys capacity. Oil & Gas Journal will list the countrys refining capacity at 4,866,950 b/cd at yearend 1995. Caltex agreed to sell its interest in Nippon Petroleum Refining Co. (NPRC) to Nippon Oil Co. (NOC), Tokyo, its 50-50 partner in NOC, for 200 billion yen ($2 billion). Caltex and NOC also agreed to complete the trade by the end of first quarter 1996, ending a 44 year partnership in ...

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