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Japan, Venezuela agree on oil development tie-up

Tuesday, April 24, 2012

Japan has agreed to extend its energy cooperation with Venezuela to increase oil imports from the country amid a growing need for petroleum energy in Japan due to the suspension of its nuclear power plants.

Japanese and Venezuelan cabinet ministers in charge of energy made the agreement in Tokyo on Tuesday.

Japan’s industry minister Yukio Edano said Venezuela is a very important partner in terms of energy policy.

Venezuelan energy minister Rafael Ramirez replied that his country can cooperate with Japan in various fields.

The 2 sides agreed that the government-backed Japan Oil, Gas and Metals National Corporation and Venezuela’s state-run oil company will extend by 3 years their technical cooperation in crude drilling and refining.

Japan needs more oil imports to reduce its dependence on nuclear energy after last year’s Fukushima nuclear disaster.

Last year, only 0.1 percent of Japan’s crude oil imports came from Venezuela.

Tuesday, April 24, 2012