1 Cent Saving Is All Japan's JX Needs to Look Beyond Mideast Oil
- Japan's biggest refiner battling competition amid margin drop
- Latam crude seen as alternative to traditional Mideast supply
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Japan’s biggest refiner will opt for a “one cent” saving on crude purchases even if that means shipping from places other than the Middle East, a region it’s always depended on for stable supplies.
JX Nippon Oil & Energy Corp. is examining more samples of crude that have previously never been processed at its plants, according to Minoru Minegishi, a group manager at the company’s crude oil trading and shipping department. It’s becoming more price sensitive amid shrinking refining margins in Asia, with China accelerating fuel exports because of weak domestic demand.