Japan's 2 big oil companies to merge next year
Afp, Tokyo
Japan's number one oil company Inpex and its rival Teikoku Oil said Saturday they would merge next year in a bid to compete in the world's oil exploration market. The two companies said in a joint statement that their boards separately had agreed the merger plan at meetings earlier in the day. Under the plan, the pair will jointly establish a holding company, Inpex Holdings, with capital of $255 million.
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