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. Last Updated: 07/27/2016

Japan Fights for Oil

TOKYO -- Japan's Arabian Oil Co. said Monday it would "patiently continue" talks with theSaudi Arabian government on the renewal of key drilling rights, despite the failure of government-level talks over the weekend.

The failure of talks between a delegation led by Japan's trade minister and senior Saudi Arabian officials sent AOC's share price into a slide Monday on worries that the gap between Tokyo and Riyadh on the AOC renewal remains wide.

AOC shares fell to 1,504 yen ($14.20), down by their daily limit of 300 yen, or 16.6 percent.

Japan's trade minister, Takashi Fukaya, ended two days of talks with Saudi Oil Minister Ali al-Naimi, as well as Crown Prince Abdullah and other ministers, aimed at winning the renewal of AOC's concession in the Saudi portion of the Neutral Zone in the Persian Gulf. The concession is due to expire Feb. 27.