Economy
Japan and Venezuela signed a memorandum of understanding on the development of energy resources, such as oil, liquefied natural gas and coal, Reuters reported.

"This would mark Japan's first energy development pact with a South American nation," financial daily Nikkei said.

Japan now relies on the Middle East for about 90 percent of its crude oil imports and is seeking to diversify its sources, the paper said. It added that the deal is expected to involve an increase in loans to Venezuela by Japanese government-affiliated and private-sector financial institutions.

Last year, Japan granted negotiated loans to the Venezuelan oil industry and these resources, as indicated by top officials of the state-run oil company Petróleos de Venezuela (Pdvsa), were allocated to purchase equipments for Orinoco belt crude projects and for the expansion of refineries.