Skip to content Skip to Search
Skip navigation

UAE exports 34m barrels of oil to Japan in October

By Pramod Kumar
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.

Latest articles

Construction work at Egypt's new administrative capital. Real estate 'is a very strong inflation hedge', says Aldar's Faisal Falaknaz

Aldar’s Egyptian sales unhindered by war and economic risk

Real estate developer Aldar says geopolitical and economic volatility is not affecting its expansion in Egypt. The Abu Dhabi-listed company acquired its Egyptian subsidiary Sodic in December 2021. Since then, sales have risen by more than 50 percent on a dollar-basis, Faisal Falaknaz, Aldar’s chief finance and sustainability officer, told reporters on Monday.  “What has […]

Neom credit

Neom secures $2.7bn as minister admits ‘adjustments’

Saudi Arabia’s $500 billion giga-project Neom has secured new funding as the kingdom’s officials admit some of its Vision 2030 projects may have to be scaled back. The SAR10 billion ($2.7 billion) revolving credit facility, obtained from nine Saudi-listed banks, will support short-term financing requirements for projects such as Trojena, The Line, and Oxagon, Neom said […]

Al Rajhi Bank’s total operating income increased 6.6 percent annually

Al Rajhi Bank Q1 profit up 6% as operating income rises

The net profit of Al Rajhi Bank, the second-largest lender by assets in Saudi Arabia, rose 6 percent year on year to SAR4.4 billion ($1.2 billion) in the first quarter of 2024, driven by higher operating income. Total operating income increased 6.6 percent annually due to a rise in net financing and investment income.  Total operating expenses, […]

GCC economic data

GCC economic data

The latest economic indicators for the Gulf Co-operation Council countries: the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain