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Japan Agreed to Refine More Oil For China

Refiners in Japan, the world's third-biggest oil user, need to tap overseas markets

PetroChina is to sign an agreement with Nippon Oil Corp, Japan's largest refiner, to process 40 percent more crude oil for its unit Chinaoil.

The Japanese refiner wants to increase daily processing for PetroChina's oil arm to 70,000 barrels from 50,000 barrels, two Nippon Oil officials said.

Refiners in Japan, the world's third-biggest oil user, need to tap overseas markets as domestic consumption of oil products, including gasoline, shrinks.

"This contract helps Nippon Oil to maintain operating rates at its refineries," Lalita Gupta, an analyst at Morgan Stanley in Tokyo, told Bloomberg News.