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Seko seeks renewal of concessions in Abu Dhabi www3.nhk.or.jp

Japanese trade minister Hiroshige Seko has asked Abu Dhabi National Oil Company to renew a Japanese firm's concessions in Abu Dhabi oil fields. The concessions are set to expire in March next year.

Seko met with Abu Dhabi National Oil Company CEO Sultan Ahmed Al Jaber on Sunday in the United Arab Emirates.

Japan relies on the UAE for a quarter of its crude oil imports. The Japanese firm has a 12-percent stake in the UAE's main offshore oil fields.

The national oil enterprise is aiming to increase the number of its clients. It has been negotiating with more than 10 companies, including those from China and France.

These companies are working to enter the market, or expand their share of oil concessions.

As the competition over oil fields intensifies, Japan's negotiations with the UAE are expected to reach a crucial point around the end of this year.

During this trip, Japanese delegates have concluded a memorandum with the Abu Dhabi National Oil to allow the country to cooperate in the company's plan for overseas and other projects.

After the talks, Seko told reporters that Abu Dhabi officials have shown a certain degree of appreciation for Japan's sincere contribution. He said the future of the negotiations remains uncertain.

Seko said he will work hard with the private sector in such areas as cooperating with the local industry in its diversification.

He also expressed hope that the UAE will further appreciate Japan's dedication.



Published Date:2017-10-09