JNOC to Sell its Shares in Japan Petroleum Exploration Co.

Japan National Oil Corp. is planning to sell part of its controlling stake in its subsidiary, Japan Petroleum Exploration Co. in an effort to improve its bottom-line. Japan Petroleum Exploration expects to list its shares on the Tokyo Stock Exchange by September this year, after the sales are complete. Japan Petroleum Exploration was formed in April 1970, with Japan National Oil holding a 65.74% controlling stake. Over the past 35 years, the subsidiary exploration company has discovered and developed oil and gas at fields offshore Niigata Prefecture, northern Japan.

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