January 5, 2018 / 7:15 AM / 3 months ago

Japan's Idemitsu, Showa Shell to combine crude loading programmes

TOKYO, Jan 5 (Reuters) -

* Japanese oil refiners Idemitsu Kosan and Showa Shell Sekiyu have started work to integrate the so-called loading programmes through which they purchase crude, Idemitsu’s CEO said

* The two companies expect to finish this loading integration in the second-half of 2018, Idemitsu CEO Takashi Tsukioka told reporters on the sidelines of an industry event to mark the New Year

* Idemitsu said last month that it and Showa Shell would combine management of their key businesses, pursuing a merger bitterly opposed by a core investor - Idemitsu’s founding family

* Japan’s second- and fourth-biggest refiners by sales aim to win over Idemitsu’s founding family by showing successful examples of “synergies” between the two companies, Tsukioka said

* He added that Idemitsu was “not considering taking forceful measures for integration without gaining the founding family’s understanding” ($1 = 112.9800 yen) (Reporting by Osamu Tsukimori; Editing by Joseph Radford)

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