Japan, Venezuela in energy development deal-Nikkei
Published: 18 Mar 2009 17:38:20 PSTNEW YORK, March 18 - Japan and Venezuela will sign a memorandum of understanding on Thursday covering cooperation in developing energy resources including crude oil, natural gas and coal, the financial daily Nikkei said in its Thursday edition.
"This would mark Japan's first energy development pact with a South American nation," Nikkei said.
Japan now relies on the Middle East for about 90 percent of its crude oil imports and is seeking to diversify its sources, the paper said.
It said the deal is expected to involve an increase in loans to Venezuela by Japanese government-affiliated and private-sector financial institutions.
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