Japan tries to win renewal of Saudi oil rights with low interest loans

Jun 25, 1999 02:00 AM

According to industry sources, Japan is banking on low interest loans for Japanese corporate investment in Saudia Arabia to encourage the Middle Eastern nations to renew the oil exploration rights of Japan's Arabian Oil Co.
The ministry hopes the loans will lead to investment of $ 5 bn over the next decade; equal to the amount invested in Saudi Arabia by Japanese companies in the past 30 years. The government has also approached Japanese oil companies on a plan to subsidise purchases of Saudi Oil.
Arabian Oil's exploration rights in Saudi Arabia expire in February 2000 with no guarantee of renewal.

Source: IINX via Iinoil
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