Japan Asks UAE, Saudi Arabia for Stable Crude Oil Supplies

Tokyo, Jan. 14 (Jiji Press)–Japan’s trade minister Ryosei Akazawa has asked the United Arab Emirates and Saudi Arabia to cooperate in ensuring stable crude oil supplies and stabilizing the global crude oil market in order to enhance energy security. Japan and the Middle East nations are also set to promote cooperation in the field of artificial intelligence and the space industry. Japan and the UAE agreed to aim for concluding a comprehensive economic partnership agreement, Akazawa said in a press conference Tuesday night during his trip to the UAE. He stressed that he looks forward to UAE President Mohamed bin Zayed Al Nahyan’s planned visit to Japan next month. In Saudi Arabia, Akazawa announced Japan’s official participation in the 2030 World Exposition in Riyadh. He signed with the Saudi side a memorandum comprising a total of 13 items involving the public and private sectors. Based on the memorandum, Sumitomo Mitsui Banking Corp. and other Japanese banks will lend 1.5 billion dollars to Saudi Arabia’s finance ministry with loan grantee from Japan’s Nippon Export and Investment Insurance. Japan relies on the UAE and Saudi Arabia for about 80 pct of its crude oil imports. There has been concern over possible impacts on the crude oil market from instability in the political situation in Venezuela, a major oil-producing country, following the detention of its president, Nicolas Maduro, by the administration of U.S. President Donald Trump early this month. END [Copyright The Jiji Press, Ltd.]