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Japex says considering sale of oil sands project in Canada

TOKYO: Japanese state-backed oil producer Japan Petroleum Exploration Co (Japex) is considering various options for its Hangingston oil sands project in Canada including a sale, a company spokesperson said on Friday.

Japex is seeking a buyer for its 75per cent stake in the Hangingstone project, two people with direct knowledge of the matter previously told Reuters.

"We are considering various measures including the sale of our stake and cutting production costs to improve profitability of the project, but nothing has been decided," Yuki Goto, a spokesperson at Japex, told Reuters by phone.

(Reporting by Yuka Obayashi; Editing by Christopher Cushing)

Source: Reuters

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