1.   The sharply lower rhodium price depressed revenues in the chemicals and refining business and profits for the year were down on the previous period.

2.   An even more dramatic turnabout has come in the refining business, the middle step between pumping oil from the ground and pumping gas into car.

3.   And CPC International Inc., soon to be renamed BestFoods, will complete the spinoff of its corn refining business in early January.

4.   But noting that the refining business was highly cyclical, he said that Mobil faced making a major investment to upgrade its refinery in Woerth, Germany.

5.   Caltex is believed to be disappointed in the lackluster profitability of the oil refining business in Japan.

6.   For the last several years, however, profits in the refining business have been meager.

7.   In October, Shell and Texaco said they were in talks to join their refining businesses with those of Star Enterprise.

8.   It also expects better results from its refining business after shedding unprofitable assets.

9.   Oil-industry analysts said the Shell-Texaco deal would put pressure on other big oil companies to combine their own refining businesses.

10.   Other companies with gas station networks are also expected to seek entry into the refining business.