SAUDIS EYE JAPAN R&M JOINT VENTURE

Saudi Aramco and three Japanese companies have agreed to a joint venture to refine Saudi crude and market products in Japan, making Saudi Arabia the first oil exporting country with refining capacity in that country.

May 20, 1991

Saudi Aramco, Nippon Oil Co. (NOC), Kyodo Oil Co. (KOC), and Nippon Mining Co. (NMC) will set up a joint company capitalized at 30-50 billion yen, reported Kyodo News Service. Saudi Aramco will hold a 30-50% stake in the venture. Saudi Aramco hopes to refine as much as 300,000 b/d in Japan. NMC will refine the Saudi crude with product sales through NOC and KOC. Plans call for NOC to later build a new refinery of undisclosed capacity at Shinkudamatsu.