Japans Nippon Oil Corp has confirmed an earlier press report in EnergyReview.net saying the company had signed a deal with Chinas PetroChina Co to refine crude until March next year.
As announced, PetroChina will transport some 20,000 barrels of crude to Nippon Oil’s six refineries in Japan. The Japanese firm will then refine the crude and ship the finished petroleum products to China.
In a statement Nippon Oil said, “This is the first time Japanese and Chinese oil companies have struck a partnership deal in the field of crude oil processing.”
“The partnership will [also] improve Nippon Oil’s facility utilisation,” added the firm, which did not elaborate further.
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