TOKYO : Japan's second-biggest oil refiner, Idemitsu Kosan Co, saw its domestic refinery run rate sinking to 64 per cent in the first-quarter, but expects the level recovering to 80 per cent for the full-year, its executive said on Tuesday. The utilisation rate for the April-June quarter fell from 83 per
TOKYO : Japan's second-biggest oil refiner, Idemitsu Kosan Co, saw its domestic refinery run rate sinking to 64 per cent in the first-quarter, but expects the level recovering to 80 per cent for the full-year, its executive said on Tuesday.
"But for the full-year, we expect the rate recovering to around 80 per cent," Yoshitaka Onuma, Idemitsu's executive officer, told a news conference. The 64 per cent was the lowest run rate for the first quarter since its merger with Showa Shell in 2019, she said, adding that the three refineries have all restarted operations.
Idemitsu, which owns a 35.1 per cent stake in the Nghi Son Refinery, said that Vietnam's largest refinery has been profitable in operating earnings terms, but not in net earnings.
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