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Japan, China sign oil cooperation deal


Published: May 9, 2008 at 11:45 AM
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BEIJING, May 9 (UPI) -- Japan and China may be close to reaching an oil cooperation agreement.

Visiting Chinese President Hu Jintao and Japanese Prime Minister Yasuo Fukuda reportedly signed a six-point Sino-Japanese joint statement. Both sides agreed to strengthen cooperation in energy and environmental protection.

The two agreed to continue research on carbon dioxide capture and storage techniques and enhanced oil recovery, energy efficiency and environment friendliness of the iron, steel and concrete industries, People's Daily reported.

Cooperation is also expected to move forward in electricity-generating nuclear energy. It is estimated that thermal power plants account for 63 percent of China's electricity generation, so reducing carbon dioxide emissions has proven to be a massive challenge.

According to estimates from Japan, the size of Asia's environmental protection market could grow to between $2 trillion and $3 trillion by 2030.

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