Japanese oil refiner Idemitsu Kosan Co. Ltd. (TYO: 5019) and AltaGas Ltd., through a joint venture, agreed to buy two-thirds of all outstanding shares of Canadian oil explorer Petrogas Energy Corp.

The 50/50 joint venture, named AltaGas Idemitsu Joint Venture LP, will acquire a 66.7 percent of Petrogas shares in Petrogas, including the one-fourth interest in Petrogas acquired by AltaGas on Oct. 1.

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