Fuji Oil cuts FY earnings forecast due to lower oil prices

Fuji Oil Co (Shinagawa)

07/11/2019 09:53

TOKYO, Nov 7 (Reuters) - Japanese refiner Fuji Oil Co Ltd
 5017.T  on Thursday warned it faced a net loss of 300 million
yen ($2.75 million) for the year, cutting a forecast for a
profit of 4 billion yen, as lower oil prices dent its crude
inventory value and boost costs.  urn:newsml:reuters.com:*:nXB10N8U8Y
    "If we were able to continue buying Iranian oil, it would
have had a positive impact on our earnings," President Atsuo
Shibota said, in reference to an embargo on Tehran's exports
which has forced buyers to find alternative supply.
    Fuji is buying oil from the Middle East instead, Shibota
told an earnings news conference, without elaborating.
    The last cargo of Iranian oil arrived at its Sodegaura oil
refinery on April 7.
    With ships due to switch to cleaner fuels under
International Maritime Organization (IMO) rules on low-sulphur
shipping fuel from January 1, Fuji began shipping IMO-compliant
products in October, Shibota said.   
    ($1 = 108.9900 yen)

 (Reporting by Yuka Obayashi; editing by Jason Neely)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4563-2761; Reuters
Messaging: yuka.obayashi.thomsonreuters.com@reuters.net))