JAPAN ENTERING CASPIAN OIL BUSINESS IN FORCE.

In Baku yesterday the Japan National Oil Company, Itohu, and two other Japanese companies signed an agreement with the State Oil Company of Azerbaijan on the principles of prospecting and development of three major oilfields, covering 500 square kilometers in the south of Azerbaijan’s Caspian shelf. The sides are to sign a contract within six months. Until now, Japan’s presence in the Caspian oil business has been limited to Itohu’s minor share in one of Azerbaijan’s five international oil contracts. (Turan, June 19)

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