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Energy

Japan oil majors seek safer supply via Abu Dhabi exchange

JXTG and Inpex to invest in market that bypasses volatile Strait of Hormuz

TOKYO -- Leading Japanese energy groups JXTG Holdings and Inpex will invest in a new crude oil exchange in the United Arab Emirates, seeking a route around a risky bottleneck for the Asian economy's oil supply, Nikkei has learned.

JXTG, Japan's biggest petroleum refiner, and Inpex, the country's top oil and gas driller, are expected to purchase single-digit stakes in ICE Futures Abu Dhabi, set to open in the first half of 2020.

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