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FINANCIAL NEWS
Japan’s Inpex to participate in Abu Dhabi’s USD22b oil project
29 Apr 2015
(MENAFN) Japanese Inpex Corp will participate with Total in developing Abu Dhabi’s inshore USD22 billion oil projects, which is set in order to promote the country’s crude pumping, Gulf Times reported.
Japan will benefit from this cooperation as it will gain access to Abu Dhabi’s crude deposits for the next 40 years, Inpex said in a corporate statement.
Adnoc, Abu Dhabi National Oil Co, chose Inpex from a group of 10 bidders in order to join the French company Total in undertaking the business. Inpex paid USD1.1 billion to Adnoc as a bonus.
“It makes sense for Abu Dhabi to name an Asian partner since more of their demand is coming from there. Inpex brings quite a lot technically and they operate major projects.” a Dubai analyst at Manaar Energy Consulting said.
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