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Japan joins Iranian oil deal
A Japanese oil company consortium, including Japex, Japanese National Oil, and INPEX, has agreed to aid the development of two Iranian oil fields; namely, Soroosh and Nowrooz, which have estimated oil reserves of 1bn plus barrels. The consortium bought a 20% stake at Royal Dutch/Shell. This deal is seen as a major boost for Japan, as it currently imports roughly 85% of its oil from the Middle East.