Japan’s Abe in UAE to Boost Ties

Japan’s Prime Minister Shinzo Abe arrived in the United Arab Emirates late Sunday for talks aimed at boosting political and economic ties. Abu Dhabi is the first leg of Abe’s Middle East tour which will also take him to Jordan and the Palestinian territories, AFP reported. Abe was scheduled to meet UAE leaders on Monday and also attend a Japan-UAE business forum to highlight the scope for cooperation between the two countries and potential for improvement. The UAE is Japan’s main trading partner in the Middle East, accounting for about a third of Tokyo’s trade in the region. It is also the second largest oil supplier to Japan, accounting for almost a quarter of its crude oil needs last year. In February, Abu Dhabi’s state energy company ADNOC said it had awarded Japan’s INPEX a 10% stake in an offshore oil concession, in a deal worth $600 million. The new concession, at the offshore Lower Zakum oil field, is for a duration of 40 years. ADNOC also said it had extended INPEX’s 40% stakes in Abu Dhabi’s Satah and Umm Al-Dalkh concessions for another 25 years.