Top Japanese refiner Nippon Oil Corp said it had raised its stake in Teikoku Oil Co, an oil exploration firm set to be taken over by rival Inpex Corp.

Nippon Oil, Teikoku’s top shareholder, bought an additional 3.9 per cent stake in Teikoku for about 16.7 billion yen ($140.2 million), raising its stake to 20.4 per cent.
A spokesman said it has not yet decided whether to support the Inpex deal and whether it would buy more Teikoku shares.
Nippon Oil said in a separate statement the additional share purchase came from its desire to continue to support Teikoku’s efforts to firm cement its core oil development business.
Through the takeover of Teikoku, announced earlier this month, Inpex aims to increase its operational scale amid intensifying global competition for energy resources.
An oil industry official, who declined to be identified, said Nippon Oil may want some say in the new holding company.
“The new company will have very healthy assets,” he said. “I think it wants to have influence as a shareholder.”