Japan's Sojitz to invest Y40 billion in oil and gas rights business: Report
Saturday, September 25 2004 - 12:52 AM WIB
Sojitz Corp., a unit of Sojitz Holdings Corp., plans to make Y40 billion worth of new investments for its oil and gas rights business over the next three years through fiscal 2006, The Nihon Keizai Shimbun reported in its Friday edition.
The move will double the trading firm's daily production capacity to more than 20,000 barrels.
Sojitz now owns rights in such oil fields as the UK.'s North Sea sector, the Gulf of Mexico and West Africa. The firm will acquire additional interests in these locations, along with new rights in Australia, Indonesia and South America.
The firm earlier this month bought a 3.5% interest in the U.K.'s North Sea field from a major Dutch energy company for about Y1 billion. The Japanese firm had a 10% stake there.
Sojitz hopes the growing energy business will help restore its financial health. (*)