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ECONOMY > Energy

Economy Minister Seko calls for renewing Japan’s oil interest in Abu Dhabi

  • January 16, 2018
  • , Nikkei , p. 5
  • JMH Translation

Japan and the United Arab Emirates (UAE) are in the final stage of negotiations to renew Japan’s oil field interests in waters off Abu Dhabi, as those rights are due to expire in March. On Jan. 15, Minister of Economy, Trade and Industry Hiroshige Seko, who was visiting Abu Dhabi, met with Crown Prince Dhabi Sheikh Mohamed bin Zayed Al Nahyan and others and called on them to allow Japan to maintain its oil interests there.

 

Seko was in the Middle Eastern country to attend the World Future Energy Summit, which kicked off on the same day. After he met with the Crown Prince, Abu Dhabi National Oil Company (ADNOC) CEO Sultan Ahmed Al Jaber, and others, he told reporters, “They told me how grateful they are for Japan’s cooperation up to date and I felt positive about Japan renewing its interests.”

 

On Jan. 15, the Japan Bank for International Cooperation (JBIC) officially signed a contract to co-finance ADNOC for a total of 3 billion dollars with Sumitomo Mitsui Banking Corporation, Muzuho Bank, and the UK’s HSBC. The move served as a tailwind for the negotiations.

 

The Japanese government aims to procure more than 40% of its oil and natural gas through self-development by 2030. “We are not blessed with natural resources at home so it is important for Japan to acquire self-development interests,” Seko said. (Abridged)

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