Nippon Oil and CNPC Sign “Letter of Intent to Establish a Joint Refinery

abarrelfullabarrelfull wrote on 08 Mar 2013 19:10

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Nippon Oil Corporation (Nippon Oil; Head Office in Minato-ku, Tokyo; President: Shinji Nishio) announces that it has signed a letter of intent with China National Petroleum Corporation (CNPC; President Jiang Jiemin) for a detailed consideration of establishing the Osaka refinery of Nippon Oil refining subsidiary Nippon Petroleum Refining Co., Ltd. (Headquarters in Minato-ku, Tokyo; President: Hiroshi Ono) as a joint venture.

The alliance between Nippon Oil and CNPC is founded on many years of cooperative relations. The positive relationship between the companies commenced in July 2004 with the signing of “a contract for refining of petroleum products on a commissioned basis” between Nippon Oil and CNPC subsidiary China Oil. More recently in April 2007, Nippon Oil and China Oil have signed a “memorandum of understanding regarding long-term collaboration”. Along with the letter of intent, the companies have also agreed to increase the amount of oil products that Nippon Oil supplies to CNPC from the 50,000 barrels per day in fiscal 2007 to 70,000 barrels per day in fiscal 2008.

Nippon Oil and CNPC look forward to continuing to build on their strong alliance to further enhance the business competitiveness of each company and contribute to ongoing business expansion and development.

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