BREAKING NEWS

Japan's top energy explorer quits Iran oil project

By ASSOCIATED PRESS

OCTOBER 15, 2010 10:05

TOKYO — Inpex Corp., Japan's largest energy explorer, said Friday it is withdrawing from an oil field project in Iran.

Inpex gave no reason for pulling out of the Azadegan oil field in southwestern Iran.

Kyodo News agency said the move was to avoid US sanctions targeting firms doing business in Iran. Inpex has a 10 percent stake in the project.

Inpex officials declined to comment on the report. Inpex said it has consulted with the Japanese government over the decision to quit the Iranian oil project. The government owns a 19 percent stake in Inpex.

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