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