June 20, 2008

Teikoku Oil, Nippon Oil May Join Gas Projects With China

Tokyo, June 20 (Jiji Press)--Japan's Economy, Trade and Industry Minister Akira Amari indicated Friday that Teikoku Oil Co. and Nippon Oil Corp. would be the prime candidates to participate in joint natural gas development projects with China.

The government will select companies that have reliable exploration technologies, Amari said at a press conference.

He made the remarks after Japan and China earlier this week reached an agreement on joint natural gas development in disputed waters in the East China Sea, finally wrapping up their protracted negotiations.

Teikoku Oil, a unit of Inpex Holdings Inc. , and Nippon Oil have already been permitted to test-drill in areas covered by the latest agreement.END

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