Japan is courting Russia to build a Siberia-to-Pacific pipeline, assuring the Russians the Japanese economy will have the capacity to absorb 1 million barrels of Russian oil per day, diplomatic sources said Thursday.
The Japanese made the assurance in a letter from Foreign Minister Yoriko Kawaguchi and Minister of Economy, Trade and Industry Takeo Hiranuma late last year, apparently in a bid to persuade Russia, which is committed to laying an oil pipeline to China, to build a pipeline closer to Japan.
Kawaguchi and Hiranuma told the Russians that Japan is willing to discuss financing the project, through low-cost loans from the Japan Bank for International Cooperation and financing through Japanese export credit insurance.
Japan sent a senior official of the Agency of Natural Resources and Energy in December to underscore Japan's interest in the project.