Japanese Government proposes New Oil Company

摘要

The Japanese Ministry of Economy, Trade & Industry (METI) has proposed a new national company be set up to repaace Japan National Oil Corp. (JNOC), when it is dissolvedin March 2005. JNOC, set up in 1967, oversees Japanese companies engaged in over-seas exploration, production, and development activities aimed at securing equity oil and gas for the country. JNOC also administers Japan's strategic crude stockpiles, a role that would be taken over by the government. JNOC's dissolution was finalized last year as part of the government's administrative reforms.