Nippon Oil and Nippon Mining to reduce capacity by 20% post-merger

Nippon Oil Corp. and Nippon Mining Holdings Inc. will reduce their combined oil refinery capacity by about 20% by March 2011 after they merge. The two firms, which are expected to merge in April under a holding company, will scrap or suspend three oil refineries. Together, they have eight oil refinery sites, none of which will be closed for the time being. (December 26, 2009)