METI to subsidize 50% of cost to integrate refineries

Under a new Ministry of Economy, Trade and Industry (METI) program named Refinery Function Integration Reinforcement to start in April, Japan’s refiners will receive a 50% subsidy to integrate their crude-oil processing facilities. The ministry has estimated a budget of 2.3 billion yen (US$25.42 million) for fiscal 2010 during the first year for three projects. Total subsidies under the program are expected to reach about 9.3 billion yen (US$102.78 million) through fiscal 2013. (January 18, 2010)