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Japan is moving to ensure future energy sources by agreeing to a new deal with Venezuela.
Venezuela will send 3mn bbls of crude to Japan...over the next five years...for $1.5 bn usd in credit for state-owned oil company PDVSA.
"We have 54 nuclear plants and more than 30 are not in use because of the accident at Fukushima, so this agreement with Venezuela is very important to us for thermo-electric energy in Japan," said a Japanese spokesman.
Shipping costs...long a major obstacle to purchases of LatAm oil resources by Japan...will be absorbed by the Mitsubishi, Itochu, Marubeni and Mitsui companies.
