Sojitz Corp. (2768.TO) said Thursday it has signed an agreement with the Uzbekistan government on uranium exploration.
Under the deal, the Japanese trading company will have the exclusive right to discuss joint exploration possibilities with Uzbekistan in a uranium block about 350 kilometers west of Tashkent for 18 months, Sojitz said in a statement.
If the two parties agree on conditions, they will set up a joint venture that will obtain an exploration license and start exploration work, it said.
A Sojitz spokesman declined to elaborate on whether the joint venture would seek investment from other partners.
Japanese trading companies and utilities have been increasing investment in uranium projects over the past few years to secure stable supplies amid renewed global interest in nuclear technology on rising concerns over greenhouse gas emissions.