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Japan's Inpex not to pull out of Iran's Azadegan

Source: Mehr News Agency, Tehran

Inpex has no plans to sell its stake in the Azadegan oilfield in southwestern Iran, Inpex Corp. President Toshiaki Kitamura said on Tuesday.

Inpex will maintain its 10% stake in the Azadegan project in order to benefit from its previous investments there," Kitamura said.

The company, which engages in extensive global oil and gas activities, has Japan's Ministry of Economy, Trade and Industry as its largest shareholder, with a 29.4% stake, Dow Jones reported.

"We are responsible on our shareholders' behalf for recovering money we had invested," he said.

Inpex initially owned a 75% stake and was to be operator of the field, but in 2006 the National Iranian Oil Co., its project partner, took over the bulk of its shareholding and the operatorship.

... Payvand News - 07/06/10 ... --

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