Japan to hold economic talks with UAE

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TOKYO, Dec 17 (AFP): Japan will hold economic talks today with the energy-rich United Arab Emirates as Japanese banks prepare to sign a deal to extend a multibillion-dollar loan to the state-run Abu Dhabi oil company.
Japan, which has virtually no natural energy resources of its own, is seeking to secure stable supplies of crude oil in the face of growing competition for energy from fast-growing Asian economies such as China and India.
The state-owned Japan Bank for International Cooperation will team up with private-sector banks to provide loans of three billion dollars to the Abu Dhabi National Oil Company, a source close to the deal said.
Under the deal, which is to be signed late Monday, the loans will be provided on the condition that the UAE ensures long-term oil supplies for Japan, the source said, declining to give further details.