Energy News
Japan, Iraq agree on stronger energy cooperation
Oct 24, 2006, 10:43 GMT
Tokyo - Japan and Iraq pledged Tuesday to promote Japanese firms' cooperation in Iraqi oilfield projects and to extend Japan's yen-based loans to Iraq.
Japanese Economy, Trade and Industry Minister Akira Amari and Iraqi Oil Minister Hussain al-Shahristani met in Tokyo and issued a statement renewing their commitment to bilateral relations.
The statement said the two nations would invite Japanese companies to join developments of oil and gas fields in Iraq, and the Japanese government would extend loans of 2.08 billion yen (17.48 million dollars) and up.
The yen loans are to help upgrade a refinery in a southern Iraqi city of Basra, while the Iraqi government hopes the financial assistance would be extended to the proposed Crude Oil Export Facility Rehabilitation Project and the LPG (liquefied petroleum gas) Value Chain Project.
'Both sides confirmed that it is essential to explore Iraq's oil and natural gas reserves, one of the world's largest, as well as to restore and expand Iraq's existing facilities and to develop related industry in the sector, in order to reconstruct Iraq,' the document said.
Stable energy supply from Iraq could be critical for Japan, which suffers from a lack of natural resources and recently decided to slash a large portion of its concession in Iran's Azadegan oilfield.
© 2006 dpa - Deutsche Presse-AgenturCOMMENT
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