Cheers to economic development -focused foreign policy ! 
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Kyoto, 25 February (Argus) — Japan and Iraq have agreed to enhance economic ties by boosting Japanese investment in the Iraqi energy sector.
The agreement was reached during a 21-24 February visit to Japan by Iraqi oil minister Abdel Abdul Mahdi. Baghdad is hoping for further investment in Iraq by Japanese companies, which is essential to help support the country's economy that has been hard hit by the drop in oil prices, Mahdi said yesterday in a meeting in Tokyo with Japan's foreign minister Yoji Muto and trade and industry (Meti) minister Motoo Hayashi.
Iraq welcomes the move earlier this month by producers Saudi Arabia, Russia, Qatar and Venezuela to propose a crude output freeze in an effort to stabilise oil prices, Mahdi said.
The Japanese government recognises the importance of relations with Iraq, which has abundant oil reserves, and considers political stability and economic rehabilitation in Iraq to be beneficial for Japan's energy security. Muto said he hopes Japan will continue to contribute to the increase in Iraq's oil output and export capacity through technology exports and yen-denominated loans.
Japan has provided more than ¥500bn ($4.4bn) in yen-denominated loans to Iraq since 2003. Tokyo also pledged $5bn, comprising $1.5bn in grants and $3.5bn in yen loans, to help rebuild Iraq during an international donors conference in Madrid in 2003. The loans helped fund the refurbishment of Iraq's 300,000 b/d Baiji and 210,000 b/d Basrah refineries, as well as the construction of a new oil export facility.
Rising oil output at Iraq's Gharraf field, in which Japanese upstream firm Japex has a 30pc stake, has also added to Japan's long-term energy security by helping the country boost its overseas equity oil and gas output. Crude output at Gharraf is targeted to hit 230,000 b/d sometime after 2017, compared with 100,000 b/d in 2015. Premier Shinzo Abe's government has a target to meet more than 40pc of the country's oil and gas needs in 2030 from Japanese firms' equity output, compared with 24.7pc in the fiscal year that ended 31 March 2015.
Japan last year increased its oil imports from Iraq by 39pc compared with 2014 to around 55,450 b/d.
News - Argus Media
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Kyoto, 25 February (Argus) — Japan and Iraq have agreed to enhance economic ties by boosting Japanese investment in the Iraqi energy sector.
The agreement was reached during a 21-24 February visit to Japan by Iraqi oil minister Abdel Abdul Mahdi. Baghdad is hoping for further investment in Iraq by Japanese companies, which is essential to help support the country's economy that has been hard hit by the drop in oil prices, Mahdi said yesterday in a meeting in Tokyo with Japan's foreign minister Yoji Muto and trade and industry (Meti) minister Motoo Hayashi.
Iraq welcomes the move earlier this month by producers Saudi Arabia, Russia, Qatar and Venezuela to propose a crude output freeze in an effort to stabilise oil prices, Mahdi said.
The Japanese government recognises the importance of relations with Iraq, which has abundant oil reserves, and considers political stability and economic rehabilitation in Iraq to be beneficial for Japan's energy security. Muto said he hopes Japan will continue to contribute to the increase in Iraq's oil output and export capacity through technology exports and yen-denominated loans.
Japan has provided more than ¥500bn ($4.4bn) in yen-denominated loans to Iraq since 2003. Tokyo also pledged $5bn, comprising $1.5bn in grants and $3.5bn in yen loans, to help rebuild Iraq during an international donors conference in Madrid in 2003. The loans helped fund the refurbishment of Iraq's 300,000 b/d Baiji and 210,000 b/d Basrah refineries, as well as the construction of a new oil export facility.
Rising oil output at Iraq's Gharraf field, in which Japanese upstream firm Japex has a 30pc stake, has also added to Japan's long-term energy security by helping the country boost its overseas equity oil and gas output. Crude output at Gharraf is targeted to hit 230,000 b/d sometime after 2017, compared with 100,000 b/d in 2015. Premier Shinzo Abe's government has a target to meet more than 40pc of the country's oil and gas needs in 2030 from Japanese firms' equity output, compared with 24.7pc in the fiscal year that ended 31 March 2015.
Japan last year increased its oil imports from Iraq by 39pc compared with 2014 to around 55,450 b/d.
News - Argus Media
