Nippon Oil to raise stake in Michang

Japanese refiner Nippon Oil agreed in July to increase its holding stake in South Korea’s Michang Oil Industry Co. Ltd. from 6.62% to 10%, in order to expand its lubricant business in the neighboring country. There is still no definite date when the transaction will take place. The Japanese refiner first took a stake in Michang in September 1994. Based in Busan, southern South Korea, Michang Oil has a total lubricant production capacity of 250,000 kiloliters per year. Michang Oil tied up with Japans Mitsubishi Oil Co. Ltd. in 1986. Mitsubishi Oil merged with Nippon Oil in 1999. (July 12, 2007)