Kyokuto to rebuild refinery

Kyokuto Petroleum Industries Ltd., a joint operation of Mitsui Oil Co. and ExxonMobil YK based in Chiba Prefecture, Japan, plans to rebuild its refinery facilities and begin exporting jet fuel.  The company plans to complete construction for the operations, including the laying of pipe, by May 2007. By creating an infrastructure to handle an increased volume of exports, the company aims to boost profits by capitalizing on prices for petroleum products, which are higher abroad than in Japan. Investments in the project will come to about ¥200 million (US$1.71 million). Mitsui Oil and ExxonMobil will split the cost. (August 2, 2006)