Capital investment being planned by Japan’s oil refining industry for knowledge_base fiscal year is expected to reach ¥224.3 billion (US$1.91 billion), a 77.6% jump from the previous year, according to a survey of 16 companies conducted by the Ministry of Economy, Trade and Industry. The 16 companies are allocating capital investments of ¥176.1 billion (US$1.50 billion) in their refineries, up 83.2%, which includes ¥96.9 billion (US$826.47 million) in their refining facilities, up 87.8%. The main focus of their investments will be on facility upgrades, such as expanding petrochemicals output, particularly aromatics, and cracking facilities, in response to increased demands for clean products. In preparation for increased petrochemical exports, ¥14.9 billion (US$127.08 million) has been earmarked to expand storage facilities, up 62.7%. (July 20, 2006)
