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FACTBOX-Japanese oil refiners Idemitsu, Showa Shell sign alliance deal
May 9, 2017 / 9:18 AM / 7 months ago

FACTBOX-Japanese oil refiners Idemitsu, Showa Shell sign alliance deal

TOKYO, May 9 (Reuters) - Japanese oil refiners Idemitsu Kosan Co Ltd and Showa Shell Sekiyu KK said on Tuesday they would achieve more than 25 billion yen ($220.01 million) in cost reductions within three years through a business alliance ahead of Idemitsu’s stalled merger with Showa Shell.

Following are some details of the alliance.

* The two firms would integrate operations of their combined fleet of 21 crude oil carriers from May loading.

* The two firms currently select optimum crude oil for refining separately, but they will merge the operations, called linear programming, from October for their seven group refineries.

* The two companies will supply each other with products during scheduled maintenance of refineries. ($1 = 113.6300 yen) (Reporting by Osamu Tsukimori and Taiga Uranaka; Editing by Biju Dwarakanath)

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