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Trading house Sojitz Corp. has agreed to pay 123 million Australian dollars (¥12.2 billion) to buy a 10 percent stake in an oil and gas project off Australia’s southeast coast, gaining from record crude prices.

Sojitz will buy the stake in Basker-Manta-Gummy from Beach Petroleum Ltd., which is reducing its interest to 30 percent, Adelaide-based Beach said Friday in a statement to the Australian Stock Exchange.

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