Nippon Oil Denies Reported Oil Output Boost
August 11, 2005
Tokyo, Aug. 11 (Jiji Press)–Nippon Oil Corp. on Thursday denied a newspaper report that the company plans to develop or acquire oil fields to double its daily oil production volume to 300,000 barrels in 10 years to fiscal 2015.
The report is not true, a Nippon Oil spokesman said.
According to the Thursday morning edition of the major daily Yomiuri, Nippon Oil plans to spend a total of one trillion yen to double its output, hoping to ensure stable oil supply in Japan while the global supply-demand balance is tightening due to strong growth in demand from China and other emerging economies.END