PetroChina to Buy Stake in Nippon Oil Plant     

CNPC International Company Ltd. will acquire a 49% stake in Nippon Oil Corp's Osaka refinery. The National Development and Reform Commission (NDRC), China's governmental planner, has approved the deal in June 2009. NDRC released on July 10th.
   China National Petroleum Corporation (CNPC), signed an accord with Nippon Oil in May 2008 concerning forming a joint venture to operate the refinery with a capacity of 115 000 barrels per day. CNPC takes charge of oil supply to the refinery and markets oil products in Chinese market. (CCR2008 No. 15)
   Analysts said it is an important step for CNPC to expand its operation in Asia and will help cut refining cost as CNPC has a large overseas oil sources. Meanwhile, the deal will make Nippon Oil deal with the potential of excessive production capacity.