P.M. BRIEFING : Saudis Woo Japanese Refiners
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SINGAPORE — Saudi Arabia is prodding Japanese refiners to buy its crude oil directly in an effort to get at least one foot in Japan’s lucrative oil refining and retailing market, oil industry sources said today.
Most Japanese refiners currently buy Saudi Arabian crude either through Mitsubishi Corp., a large Japanese trading house, or the major oil companies.
During a visit to Japan last month, Saudi Arabian Oil Minister Hisham Nazer told Japanese firms it is the kingdom’s intention to avoid intermediaries and have direct deals with the refiners in the future, the sources said.
“At this moment they don’t intend to push us to change our supply route, but in future it is their intention to start direct deals with us,” said one Japanese refiner.
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