Mitsubishi halts oil exports

Mitsubishi halts oil exports

TOKYO (Nikkei) : Concerned over a possible oil shortage in Japan, Nippon Mitsubishi Oil Corp. recently halted exports to other Asian countries and the U.S., company sources said Friday, the Nihon Keizai Shimbun reported.

The company sees stable domestic oil supply as paramount at a time when the U.S. is likely to take retaliatory measures in response to Tuesday's terrorist attacks on New York and Washington, the sources said.

Last month, Nippon Mitsubishi Oil exported 130,000 kiloliter of oil, including kerosene, jet fuel and gasoline, or 2-3 percent of its monthly domestic production.

A U.S. attack is likely to be launched against countries in and around the Middle East, a major source of crude oil to Japan. A Nippon Mitsubishi source said the company will monitor the situation to decide when to lift the suspension.

Idemitsu Kosan Co., another oil wholesaler, is considering taking similar actions.

The company exports between 50,000 and 60,000 kiloliter of oil each month to other Asian countries and Australia.