Japan's INPEX says not seeking bigger Azadegan stake

TOKYO, July 23 (Reuters) - INPEX Holdings Inc (1605.T) said on Wednesday it was not seeking to raise its stake in Iran's huge Azadegan oil field, despite Iran's oil minister saying the Japanese company had inquired about such a move.

Iranian Oil Minister Gholamhossein Nozari said on Tuesday that Japan's biggest oil and gas explorer had inquired about regaining its original share in the oil field after its holding was cut to 10 percent when earlier talks collapsed. [ID:nBLA224662]

"There is no truth to that statement," an INPEX company spokesman said.

INPEX, which had been due to develop the field, cited spiraling investment costs when talks fell through in 2006 and it lost its 75 percent stake.

Industry experts have said Western firms in particular are becoming increasingly wary of investing in Iran despite its vast oil and gas reserves, because of U.N. and U.S. sanctions imposed over Tehran's disputed nuclear programme. (Reporting by James Topham; Editing by Hugh Lawson)