JNOCJapan National Oil Company (now Japan Oil, Gas and Metals National Corporation; est. 1967)
JNOCJapanese National Oil Corporation
JNOCJoint Nuclear Operations Center (US)
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GTL technology converts natural gas to sulfur- and nitrogen oxide-free petroleum products such as diesel fuels and kerosene and is widely recognized as ''environmentally friendly,'' JNOC said.
Unlike JNOC, the new agency will no longer be able to offer loan waivers for oil projects that have gone sour -- a practice blamed for the mountain of debts piled up by JNOC.
The ministry earlier gave up the planned concurrent submission of a third bill that would have set up the company in March 2004, a measure critics say would have essentially left loss-making JNOC affiliates untouched.
The bills, drafted by the Ministry of Economy, Trade and Industry (METI), comprise one for dissolving JNOC and the Metal Mining Agency of Japan (MMAJ), and another for setting up an independent administrative entity by March 2004 to take over JNOC and MMAJ functions that will remain under state control.
JNOC had invested or lent more than 2 trillion yen in resources development in the private sector.
Founded in 1967 as a wholly government-funded firm, JNOC had financed oil and gas development projects in the private sector.
In addition to the JCSE communications packages that were deployed to support JTF-Haiti, the value of the JNOC was validated during this operation.
74) Against this background, METI set ambitious targets for a revival of the old "autonomous development" strategy, but JNOC has now been disbanded, and there are no institutions or new financial resources available.
The company will shortly enter specific talks with JNOC paving the way for the listing, it said.
In a preview of next year's program, JNOC funded a drilling operation in February and March of this year at an inland site in the Mackenzie Delta of northwest Canada.
4 billion yen, and JNOC, which holds a 50% stake in the venture, is likely to shoulder about 3.