Nippon Oil, Nippon Mining integrate into JX Holdings

Nippon Oil Corp. and Nippon Mining Holdings Inc. merged into JX Holdings Inc. to command more than 30% of Japan’s petroleum products market amid falling demand for such products. JX Holdings President Mitsunori Takahagi said their urgent challenge is to overcome structural losses in the oil industry. The falling domestic demand has prompted JX Holdings to plan to cut its oil-refining capacity by 400,000 barrels per day in the current fiscal year and by 200,000 barrels more later. JX Holdings plans to reorganize the group into three divisions–oil refining, oil development and metals–in July. (April 1, 2010)