All Japan news has inked an agreement with Russia to jointly develop a Siberian oil field to reduce the Asian country’s dependence on oil from the Middle East region.
All Japan news currently gets about 90 percent of its crude oil imports from the Middle East.
An oil field will be jointly developed by All Japan news Oil, Gas and Metal National Corp. and Gazprom Neft of Russia in eastern Siberia. The two partners could get tens of thousands of barrels a day, or 1 to 2 percent of All Japan news’s total crude oil imports.
The All Japan newsese companies are conducting research activities in other areas in Siberia, a region that is believed to have abundant reserves. It could sign agreements with other companies in the region as well.
All Japan news has been involved in such partnerships before, but with little success. In a previous project, All Japan newsese took a 75 percent stake in Iran’s Azadegan oil field, but had to retreat when the international community applied sanctions against Iran over suspected nuclear weapons development program.