(MENAFN) Japan's JX Holdings Inc. is to cut its crude capacity by 10 percent to meet a government order of boosting efficiency in the struggling refining industry, The Peninsula Qatar reported.
Overall, Japan's capacity would fall to about 3.6 million barrels per day (bpd) by March 2017, from nearly 4 million bpd now, unless refiners choose to upgrade secondary units.
Japan has 5 major refining firms, one of which is JX, all competing to fill a declining number of cars, as the population is decreasing and younger drivers look for fuel efficient vehicles.
Japan's oil demand is projected to fall 7.8 percent to 3.06 million bpd over five years to March 2019, a government energy committee forecast in March.
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