INPEX Chief Seeking Nippon Oil's OK for INPEX-Teikoku Merger
Posted on: Monday, 5 December 2005, 18:00 CST
Tokyo, Dec. 5 (Jiji Press)--Kunihiko Matsuo, chairman of INPEX Corp. , on Monday expressed hope that his company's plan to integrate operations with Teikoku Oil Co. will get the blessing of Nippon Oil Corp. , Teikoku Oil's largest shareholder.
The planned integration will help to secure energy supplies for Japan, Matsuo said in an interview with media organizations.
He said he wants to meet with Nippon Oil's top managers to explain the integration plan. Nippon Oil holds a stake of around 20 pct in Teikoku Oil.
Teikoku Oil and INPEX, both of which are oil and gas developers, announced in early November that they plan to merge their operations under a joint holding company in April 2006, aiming to become competitive in the global energy market.
But Nippon Oil Chairman Fumiaki Watari has cast doubt on the wisdom of trying to create a major global energy company through a merger of two oil developers, saying Japan needs an energy giant that combines development, refining and distribution operations. Nippon Oil is Japan's biggest oil distributor.END
Source: Jiji Press English News Service
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