Monday, October 09, 2006

Oil and Gas: Japan's stake in Iranian oil field cut to ten per cent

Iran's Oil Minister Kazem Vaziri-Hameneh, has confirmed that Japanese firm Inpex, will only take a 10 percent stake in a project to develop the country's largest onshore oil field - the main contract going to Naftiran Intertrade Company (NICO), an Iranian company.

According to Mehr news agency, Vaziri-Hameneh said, "the share of Inpex has been cut from 75 percent to 10 percent in the project to develop the Azadegan oil field."

A day earlier, Vaziri-Hameneh described reports the stake had been slashed to 10 percent as "not precise" and insisted that talks between the two sides were continuing.