Japan secures UAE commitment to bolster joint oil stockpiles
Japan has won a commitment from the United Arab Emirates to increase joint crude oil stockpiles held in the Asian country by UAE companies, Economy, Trade and Industry Minister Ryosei Akazawa said Tuesday, Jiji Press reports.
Akazawa said he made the request to expand such oil stockpiles in a meeting in Abu Dhabi on Tuesday with his UAE counterpart, Sultan Al Jaber, who is also special envoy to Japan.
They agreed to promote cooperation to ensure a stable supply of crude oil as the Strait of Hormuz, a key energy transportation hub, remains closed due to the deteriorating situation in the Middle East.
We want to significantly increase the joint stockpiles with the UAE," Akazawa told reporters in Paris after his Middle Eastern tour. "The UAE has promised to replenish the crude oil already released and to expand the stockpiles further, he said.
Crude oil from the UAE accounts for about 40 pct of Japan's total crude oil imports. The UAE withdrew from the Organization of the Petroleum Exporting Countries on Friday, planning to gradually increase production at its own discretion.