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Tuesday, October 5, 2010     GET REAL

Japan reluctantly pulls energy firms from Iran

LONDON — Japan is preparing to withdraw from Iran's energy sector.

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Officials said the Japanese government was drafting directives that would order a withdrawal by all companies and nationals from Iran's crude oil and natural gas sector.

They said Tokyo, particularly its state-owned oil developer, Inpex Corp., has sought to avoid the prospect of U.S. sanctions.


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"I have heard that it [Inpex] is considering this as a managerial policy," Japanese Trade Minister Akihiro Ohata said on Sept. 30.

Inpex has been developing Iran's huge Azadegan oil field, with an estimated 42 billion barrels of oil.

In 2006, however, Inpex reduced its stake in Azadegan from 75 percent to 10 percent in an effort to avoid U.S. sanctions.



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