VOL. XLIV
No. 04
22-January-2001
EGYPT
JNOC Withdraws From West Ashrafi Offshore Consortium In Downsizing Measure
State-owned Japan National Oil Corporation (JNOC) said on 17 January it would dissolve its partnership in an unprofitable oil and gas exploration venture in the West Ashrafi block of Egypts Red Sea offshore. The closure is JNOCs 13th worldwide since December 1999 following a review of bad debts amounting to more than one trillion yen ($8.409 billion) accrued by the corporation,...
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