December 22, 2017 / 7:51 AM / 5 months ago

Japan's Idemitsu, Showa Shell see around $70 mln in cost savings by March

TOKYO, Dec 22 (Reuters) -

* Japanese refiners Idemitsu Kosan and Showa Shell Sekiyu said on Friday they expect to cost cuts by 8 billion yen ($71 million) in the first year of their business alliance that started last April

* That comes after Japan’s second- and fourth-biggest refiners said on Wednesday they would form an office next spring with a staff of about 300 to manage crude oil purchases, refining and sales, seeking to cut costs by 30 billion yen ($266 million) over three years

* Their integration has been bitterly opposed by Idemitsu’s founding family ($1 = 113.4100 yen) (Reporting by Osamu Tsukimori)

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