• Bloomberg


Sumitomo Corp. and Brazil’s Petroleo Brasileiro SA plan to spend ¥100 billion to upgrade an oil refinery in Okinawa to tap rising petroleum demand from China and Southeast Asia, Sumitomo said Monday.

The two companies may install additional units that can process heavy fuel oil into lighter grades at the 100,000 barrel-a-day refinery to boost exports of gas oil and gasoline to other parts of Asia, said Yoshio Morinaga, Sumitomo’s deputy head of the petroleum business development division.

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