Japan allows full domestic sales of 'entrusted' oil products

Jan 15, 1997 01:00 AM

Jan. 4, 1996 The Japanese Ministry of International Trade and Industry (MITI)and the Agency of Natural Resources and Energy will from this year permit full domestic sales of oil products that Japanese oil firms refine on behalf of foreign refiners. The so-called "entrusted" oil products account for 5-6% of Japan's oil processing capacity, equivalent to roughly 5 mmbpd. The move is part of ongoing deregulation of the oil industry in Japan, including the recent liberalisation of gasoline imports. Under current restrictions, Japanese oil firms can only sell up to 50% of the entrusted oil products on the domestic market. Refineries in China, South Korea, Taiwan and Singapore are responsible for the bulk of the entrusted refining.

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