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Oil Report

Japan firms, Kazatomprom tie on nuclear fuel-paper

TOKYO, Dec 26 (Reuters) - Japanese utility Kansai Electric Power Co 9503.T and trading house Sumitomo Corp 8053.T will join with state-owned Kazakh nuclear firm Kazatomprom to process uranium into nuclear fuel, the Nikkei business daily said on Wednesday.

The two Japanese companies, which are seeking to secure a stable supply of nuclear fuel, will sign an agreement with Kazatomprom in Kazakhstan on Wednesday, it said.

Kazakhstan is home to a fifth of global uranium reserves and wants to become the world’s top producer by 2010, surpassing Australia and China. (Reporting by Edwina Gibbs; Editing by Mike Miller)

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