• 4 minutes THE GREAT OIL PRICE PREDICTION CHALLENGE OF 2018
  • 9 minutes Time For Reaction: Trump Presses OPEC to Reduce Prices as Crude Trades Near $80
  • 15 minutes Nothing new in Middle East? Iran Puts On 'Show Of Strength' Military Exercise In Gulf
  • 3 hours Global Hunger Continues to Grow Driven By Climate Change
  • 18 hours Toyota Agreed To Add Android Auto To Its Vehicles
  • 19 hours China Tariff Threatens U.S. LNG Boom
  • 10 hours So about that psychological oil price ceiling of $80 ... Trump's Twitter sledgehammer is right on cue, again
  • 7 hours Why Are the Maldives Still above Sea Level?
  • 23 hours Transition Time: Volkswagen Announces "Electric for All" Campaign
  • 10 hours A Buffett-type Solution and Canada's Problem
  • 1 day WTI now at $70+ headed for $50s
  • 18 hours Google And Facebook Lead Digital's March To Half Of The U.S. Ad Market
  • 1 day So oil touched $80! (WTI break $71 twice). What does the future hold?
  • 19 hours Big Oil Costs Can't Go Much Lower
  • 1 day Tesla 'Headed For The Graveyard'
  • 19 hours As EU Divisions Deepen, Macron Stakes Out Electoral Turf
Why Can’t Japan Kick Coal And Nuclear?

Why Can’t Japan Kick Coal And Nuclear?

A new report shows that…

Oil Prices Jump On Saudi Arabia’s $80 Claim

Oil Prices Jump On Saudi Arabia’s $80 Claim

Saudi Arabia has signaled that…

Japan Sign Nuclear Cooperation Deals with UAE and Saudi Arabia

Japan has signed a nuclear cooperation and technology transfer agreement with the United Arab Emirates in return for a renewal of deal set to expire in 2018 which gives the Japanese Oil Development Co. a 12% share in Abu Dhabi Marine Operating Company oil and gas concession.

Earlier in the year Japan also offered to provide Saudi Arabia with its nuclear expertise in exchange for long term oil supply contracts. Saudi Arabia is very interested in developing its own nuclear energy sector in order to reduce domestic oil consumption and free up more crude for export. The country plans to install 17 gigawatts of nuclear power capacity during the next two decades, and Japan’s help would prove invaluable.

Related article: Ghana to build black Africa’s first Nuclear Power Plant?

Japan has become desperately reliant on oil and gas imports since it closed down its nuclear energy industry following the Fukushima nuclear disaster in 2011, and since reducing imports from Iran by 40% due to the US and UN sanctions, Saudi Arabia and the UAE have its two biggest suppliers.

Shinzo Abe, the Japanese Prime Minister, explained that “we have reduced imports over five years by 40 percent from Iran because of US sanctions. More than 80 percent of our oil imports are from the Middle East, that's why we can reduce Iran oil and increase our partnership with UAE, Saudi Arabia.”

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News