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Japan eyes oil diversification / Accord with Russia meant.
Japan eyes oil diversification / Accord with Russia meant to reduce reliance on Middle East
Yasuhiro Takizawa / Yomiuri Shimbun Staff Writer
Yomiuri
The agreement between Japan and Russia to jointly develop a Siberian oil field is expected to accelerate expansion of crude oil procurement from that country and help diversify Japan's supply of energy resources.
Japan relies on the Middle East for more than 90 percent of crude oil imports.
Japan Oil, Gas and Metal National Corporation (JOGMEC) and Russia's Gazprom Neft announced last week they would jointly develop an oil field in eastern Siberia, a region believed to have abundant natural …
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