The United Arab Emirates and Japan have agreed to promote cooperation aimed at securing a stable crude oil supply amid the closure of the Strait of Hormuz.
The United Arab Emirates and Japan agreed to promote cooperation to ensure a stable supply of crude oil.
The move responds directly to the continued closure of the Strait of Hormuz, a vital energy transportation route.
The agreement focuses on boosting joint oil stockpiles between the two nations.
Japan will procure crude oil from Russia for the first time since U.S.-Israeli strikes on Iran in February closed the Strait of Hormuz. A tanker carrying oil from Russia's Sakhalin-2 project is heading to the country, a trade ministry official said Saturday. Resource-poor Japan aims to diversify away from Middle East imports.
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A tanker loaded with crude oil from Russia's Sakhalin-2 project has arrived at a facility in Ehime Prefecture, Japan—the first such import since U.S.-Israeli strikes closed the Strait of Hormuz in February.
A Japan-owned vessel passed through the Strait of Hormuz on Friday. The Foreign Ministry said all Japan-linked vessels carrying Japanese crew members have now evacuated the Gulf.
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Industry Minister Kim Jung-kwan held talks on Monday with an Omani official to expand energy and logistics ties amid the Middle East crisis.