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
, 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
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.
The decision to terminate JNOC
was also based on intense criticism of the company's management.
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.