Merger boosts JX Nippon Oil & Energy's refining position in Japan

JX Nippon Oil & Energy, the refining arm of the JX Group, strengthened its position as Japan’s largest refiner with estimated revenue of ¥7.80 trillion (US$88.7 billion) for Fiscal 2010-2011, with the completion of the merger of Nippon Oil and Nippon Mining Holdings, said Yasushi Kimura, president of the merged refiner. Following the completion of the merger, JX Nippon Oil & Energy, which has a combined refining capacity of 1.577 million barrels per day, now has a roughly 35% share of the domestic fuels market and a 35% market share in gasoline sales, the company said. (July 1, 2010)