Caltex to reduce stake in Japans refining industry  Caltex
Petroleum Corp., Dallas, last week disclosed it has signed a
letter of intent for a billion dollar sale of a share of its
ownership in the refining industry of Japan. The agreement
involves almost half a billion barrels a day of refining
capacity at two plants in Japan, or about 10% of the countrys
capacity. Oil & Gas Journal will list the countrys refining
capacity at 4,866,950 b/cd at yearend 1995. Caltex agreed to
sell its interest in Nippon Petroleum Refining Co. (NPRC) to
Nippon Oil Co. (NOC), Tokyo, its 50-50 partner in NOC, for 200
billion yen ($2 billion). Caltex and NOC also agreed to complete
the trade by the end of first quarter 1996, ending a 44 year
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