Shareholders OK INPEX-Teikoku Oil Biz Integration

Tokyo, Jan. 31 (Jiji Press)–Shareholders of INPEX Corp. and Teikoku Oil Co. on Tuesday approved a plan to integrate the two firms’ business operations under a holding company to be set up in April.

Under the plan, adopted at extraordinary meetings of the two firms’ shareholders, INPEX and Teikoku will become subsidiaries of the new firm, INPEX Holdings Inc. The two firms and the holding company are slated to merge into a single firm in June 2008.

INPEX is Japan’s top oil and natural gas producer. The business integration with another oil developer Teikoku Oil is designed to further reinforce its position in the industry.

Teikoku Oil President Masatoshi Sugioka told a news conference that his company is ready to cooperate in INPEX’s oil development projects in Iran and other places.END