Reading Time: 2 minutes
The First (1st) ministerial meeting for “Japan Saudi Energy Ministerial Dialogue” was held in Riyadh between HRH Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy of the Kingdom of Saudi Arabia, and H.E NISHIMURA Yasutoshi, Minister of Economy, Trade, and Industry of Japan, during which they emphasized the importance of supporting the stability of global oil markets by encouraging dialogue and collaboration between producing and consuming countries. Furthermore, they highlighted the need to ensure secure supplies of all energy sources in global markets, noting that the kingdom continues to be Japan’s largest source of reliable crude oil supplies and its reliable and trusted partner. H.E. Mr. Nishimura welcomed Saudi Arabia’s continuing efforts in enhancing the stability of global oil markets.
The two ministers welcomed the new three-year extension of strategic stockpiling cooperation between the Ministry of Economy, Trade, and Industry and Saudi Aramco. Both ministers also welcomed the signing of two memorandums of cooperation in the areas of Circular Carbon Economy (CCE) and Carbon Recycling as well as clean hydrogen, Fuel ammonia, and derivatives. It was also highlighted that in order to realize a carbon-neutral society, it is necessary to focus on emissions rather than energy sources through the effective deployment of CCE and Carbon Recycling technologies.
Both sides welcomed Japanese companies’ investment and participation in the Kingdom’s Energy market to diversify global supply chains through localization strategies that draw on respective comparative strengths. Both sides also discussed the potential collaboration in the fields of Petrochemicals where the Kingdom recently announced its ambitious plans to expand the Kingdoms’ Petrochemical industry through liquid to chemical conversion and maximize integration across the full value chain. Moreover, both sides express their desire to carry on cooperation in electricity, renewable energy, energy efficiency, and innovation.