Japan's Mitsui Mining to end oil operations-Nikkei
TOKYO, Dec 15 (Reuters) - Japan's Mitsui Mining Co (3315.T) has said that it plans to end its petroleum-related operations by the end of March, the Nikkei business daily reported on Saturday.
The company, which has been hit by a surge in crude oil prices, plans to end domestic petroleum product sales in March, the Nikkei said, without citing any sources.
Instead, it will focus on core operations like sales of imported coal and coke production, it added.
The Nikkei said the firm would also unload all shares in its overseas subsidiary in Singapore to a local entrepreneur.
The move comes as climbing oil prices slash profit margins and demand across the industry.
Mitsui Mining's petroleum business produced 49.3 billion yen ($435.3 million) in sales -- or 25 percent of the consolidated figure -- in fiscal 2006.
It struggled during that period, as it was unable to pass on higher prices to its customers, and its operating profit was just above 100 million yen. ($1=113.26 Yen) (Reporting by Naomi Tajitsu, editing by Jacqueline Wong)
