Saudi Energy Minister: Relations with Japan in energy are solid

Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, confirmed that the relationship between the Kingdom of Saudi Arabia and the Empire of Japan in the field of energy has been going on for more than half a century. It is characterized by solidity and reliability, and the keenness of the two friendly countries to develop and diversify it in a way that achieves their common interests, and supports the development and stability of the energy sector and economy worldwide.

In a press statement to the Saudi Press Agency, “SPA”, the Minister of Energy welcomed; Visit of the Prime Minister of Japan Fumio Kishida; for the kingdom that begins tomorrow; He explained that the Kingdom and Japan are strategic partners in the field of energy, and that this partnership has been greatly strengthened within the framework of the goals and programs of the Kingdom’s Vision 2030, and the consensus of views between the two countries on various energy issues, such as: their agreement on the importance of supporting the stability and balance of global oil markets; By encouraging dialogue and cooperation between producing and consuming countries, and the need to ensure security of supplies for all energy sources in global markets; In a way that serves the interests of all parties, and achieves sustainable global economic growth

He also stressed that the Kingdom and Japan attach importance to adherence to the principles of the Framework Convention on Climate Change and the Paris Agreement, and focus on emissions rather than energy sources. This is done through the effective application of the circular carbon economy approach and carbon recycling techniques

He pointed out that the Kingdom, based on its commitment to the strategic relationship with Japan in the field of energy; continues to ensure the security of oil supplies to Japan; By storing Saudi crude oil in the strategic storage facility on Okinawa Island, as well as by maintaining being the most reliable partner and source for crude oil supplies to Japan.

He drew attention to the fact that in 2021 AD, the Kingdom became the largest supplier of oil to Japan, supplying about 40% of Japan’s needs. Emphasizing the continuation of joint cooperation between the two countries in the field of clean hydrogen and its applications, in addition to developing the infrastructure for applications of the circular carbon economy; Within the framework of the two memorandums of cooperation in the fields of clean hydrogen and ammonia fuel and its derivatives, and the circular carbon economy and carbon recycling; Which were signed between the Ministry of Energy in the Kingdom of Saudi Arabia and the Ministry of Economy, Trade and Industry in Japan.

And the Minister of Energy indicated that the arrival of the first shipment of clean ammonia produced in the Kingdom of Saudi Arabia, which obtained a certificate approved by a neutral authority, to Japan for use as fuel to generate electricity; It represents a milestone in the process of developing clean energy solutions, and is the result of effective cooperation between several parties in the Kingdom and Japan.

He commended the tendency of Japanese companies to invest and participate in the energy market in the Kingdom. to diversify global supply chains; Through localization strategies that depend on the relevant comparative advantages enjoyed by the Kingdom; Stressing that the Kingdom, by virtue of its close relationship with Japan in the field of energy; It seeks to develop areas of cooperation between the two countries in projects of various energy sectors; Which includes conventional and renewable energy, and petrochemicals; to secure supply chains; His Highness estimated the value of energy sector projects in the Kingdom of Saudi Arabia at approximately 2.85 trillion riyals over the next ten years.

The Minister of Energy indicated in this that the Kingdom’s purchases from Japan; In the energy sector, it amounted to nearly 12 billion riyals; during the past five years; Most of them are in the gas, petroleum, petrochemical, and conventional energy sectors; Where the purchases included turbines, pumps, valves and compressors, and many diverse services that included engineering, logistical, administrative and other services.

He added that there are many opportunities for cooperation between the two countries in the fields of petrochemicals, in reference to what the Kingdom recently announced. From ambitious plans to increase the production capacity of petrochemicals, by converting liquids into chemicals, and increasing integration between all stages of the value chain; In addition to promising opportunities for cooperation and investment in the fields of electricity, energy efficiency, innovation, research and development, and the dissemination of technology to enable the transition to clean energy systems, in particular the transition to renewable energy sources, and to new types of clean fuels such as: ammonia and clean hydrogen. Carbon capture, utilization and storage technologies.