Japan Passes Law To Allow JOGMEC To Invest In Foreign Oil, Gas Firms

Reuters

TOKYO, Nov 11 (Reuters) - Japan's parliament on Friday passed a bill to allow state-run Japan Oil, Gas and Metals National Corp (JOGMEC) to participate in purchases of foreign oil and gas companies by Japanese firms or buy into foreign state-owned oil companies on its own.

The move will provide more financial muscle for Japanese companies to compete for global energy assets, just as other resource-hungry Asian economies such as China and India are also looking to snap up depressed oil assets.

Previously, JOGMEC was restricted to involvement in purchases of foreign natural resource assets by Japanese companies. The change in the law comes at a time when oil-producing countries are being forced to sell stakes to offset falling revenue due to slumping oil prices.

(Reporting by Yuka Obayashi and Aaron Sheldrick; Editing by Christian Schmollinger)

Copyright 2016 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Expeditor
Expertise: Driller|Logistics Management|Materials Management
Location: Anchorage, AK
 
Commercial Director - Terminals
Expertise: Business Development
Location: South Carolina, 
 
Rail Technical Manager Americas
Expertise: Logistics Management
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $54.46/BBL 0.96%
Light Crude Oil : $51.68/BBL 1.21%
Natural Gas : $3.44/MMBtu 1.99%
Updated in last 24 hours