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Japan, China companies sign oil, gas deals

(Reuters)
Updated: 2007-04-12 09:09

TOKYO - Japanese and Chinese companies said they signed business deals in the energy sector on Thursday which may lead to possible joint development of oil and gas projects in the future, including in the East China Sea.

The deals were struck at a Japan-China energy seminar in Tokyo during Chinese Premier Wen Jiabao's visit here.

Nippon Oil Corp. and China National Petroleum Corp. (CNPC) signed an accord for long-term cooperation, including overseas oil and natural gas resources development.

"The agreement will cover many things," Nippon Oil Chairman Fumiaki Watari told a small group of reporters after the signing. "We will have to discuss specifics."

Watari said the deal may cover the East China Sea.

"Of course, our company has a block allocated there," Watari told Reuters on the sideline of the seminar. He did not give further details.

Tokyo and Beijing disagree over the boundary between their exclusive marine economic zones in the East China Sea, and Japan objects to Chinese development of gas fields near the border.

However, Watari did not say if Nippon Oil's block is located in the disputed waters.

China National Offshore Oil Corp. (CNOOC) on Wednesday confirmed for the first time it had begun producing gas at a field in the East China Sea despite Japan's objections. Tokyo fears the development might drain off its resources.

Nippon Oil also expects to expand bilateral trade in crude oil, oil products and liquefied petroleum gas (LPG).

Mitsui & Co.'s U.K. unit and CNOOC signed an accord on liquefied natural gas (LNG) spot trading at the seminar, where Japanese and Chinese business and government officials gathered as Premier Wen makes his first visit to Japan.

A spokesman for Mitsui, Japan's second largest trading firm, declined to give details of the agreement with CNOOC, which he referred to as an end-user of LNG.

The energy sector and the environment are high on the agenda during Wen's stay this week.

He and his Japanese counterpart Shinzo Abe said in a joint statement on Wednesday that China and Japan, the world's second and third largest oil users, will closely cooperate in the energy sector and work to reduce greenhouse gas emissions.

Ma Kai, chief of China's National Development and Reform Commission, said at the seminar that Beijing has set targets to raise energy efficiency relative to economic output by 20 percent and to cut emissions of major pollutants by 10 percent in coming years.

Japan's fuel efficiency is the highest in the world.

"This is a massive investment opportunity and we sincerely welcome Japanese businesses to come and develop in China," Ma said.

Japan's Sumitomo Corp., Kyushu Electric Power Co and utility China Datang Corp. have already agreed to cooperate in the development of renewable energy sources.

The three companies are discussing the joint operation of wind power generators in Mongolia to begin in late 2008.