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UAE exports 34m barrels of oil to Japan in October

Flag, Japan Flag WAM
The amount of crude that Japan imported during October amounted to 84.58 million barrels, of which 80.10 million barrels originated from the GCC

The UAE met 40.1 percent, or 33.99 million barrels, of Japan’s crude oil needs in October, state-owned WAM news agency reported, citing the Agency for Natural Resources and Energy in Tokyo.

The agency, part of the Japanese ministry of economy, trade and industry, stated that the amount of crude that Japan imported during that month amounted to 84.58 million barrels, of which 80.10 million barrels, or 94.7 percent, originated from GCC countries: UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman.

Oil remains the most significant energy source in Japan, accounting for about 40 percent of the country’s total energy supply, according to the International Energy Agency.

Business Development

Meanwhile, the Federation of UAE Chambers of Commerce and Industry (FCCI) and Japan External Trade Organisation in Dubai have agreed on establishing a UAE-Japan business council to promote cooperation and visits between the business communities in both countries, WAM reported.

The council’s formation aims to develop joint projects and exchange expertise.

The two sides agreed on signing an MoU for setting up the proposed bilateral business council by Q1 2023.

Humaid Mohammed bin Salem, secretary general of FCCI, welcomed Japanese companies to invest in the UAE and take advantage of government incentives and the favourable investment climate and legislation.