Japan Oil, Gas and Metals National Corporation (JOGMEC)
Japan Oil, Gas and Metals National Corporation (JOGMEC) was established on February 29, 2004 pursuant to the Law Concerning the Japan Oil, Gas and Metals National Corporation, which was promulgated on July 26, 2002. JOGMEC integrates the functions of the former Japan National Oil Corporation, which was in charge of securing a stable supply of oil and natural gas, and the former Metal Mining Agency of Japan, which was in charge of ensuring a stable supply of nonferrous metal and mineral resources and implementing mine pollution control measures.
To ensure a stable, inexpensive supply of oil, the Japan Petroleum Development Corporation (JPDC) was established in 1967 as the parent organization for promoting the exploration and development of primarily overseas oil resources. Its primary role at the time of establishment was to provide necessary funding and liability guarantees for overseas oil exploration.
In 1972, JPDC added natural gas to its scope of business in order to diversify energy sources. In 1978, under the new name Japan National Oil Corporation (JNOC), it commenced oil stockpiling.
Meanwhile, in 1963 the Metallic Minerals Exploration Financing Agency of Japan was established to strengthen the competitiveness of Japan's metal mining industry and ensure a stable, inexpensive supply of metals. Its primary role at the time of establishment was to provide necessary loans for metals exploration. In 1973, the agency began providing financial support for controlling mine pollution caused by the metal mining industry and other sources, and changed its name to the Metal Mining Agency of Japan (MMAJ).
In February 2004, JNOC and MMAJ were integrated to establish Japan Oil, Gas and Metals National Corporation (JOGMEC), which assumed their respective roles as an incorporated administrative agency.See more