Feb 14, 2012:

Exxon Mobil's group refiner in Japan, TonenGeneral Sekiyu KK, is unlikely to give details on how it will meet the Japanese trade ministry's requirements to improve the efficiency of its refining units until at least late 2012, an executive said on Tuesday. "No decisions have been made as of yet, and I (don't) anticipate us to make us to make any type of announcement in this regard until at the earliest the very latter part of 2012," TonenGeneral director David Csapo told reporters.

TonenGeneral, Japan's second-biggest refiner, said last month its $4 billion purchase of a controlling stake in itself from U.S. oil major Exxon Mobil Corp would help speed business decisions. The purchase of the Exxon Mobil stake comes as domestic oil demand falls and Japanese refiners' products prove uncompetitive with rivals located closer to the developing economies that are the world's key drivers of growth. Exxon Mobil will retain a 22 percent voting share in the Japanese oil refiner, down from 50 percent, with the 302 billion yen ($3.94 billion) transaction set to be completed by June 1.

By Reuters