Saturday, February 21, 2009

Oil venture shelved

NIPPON Oil Corp, Japan's largest refiner, and China National Petroleum Corp will delay a joint oil-processing venture as the recession curbs demand for fuel. The venture, to run a 115,000-barrel-a-day Osaka refinery and market fuel to Asia, will be postponed until June at the earliest, the Japanese partner said in a statement released in Tokyo yesterday.

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