Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz said that his country’s relations with Japan in the field of energy are solid and reliable for more than half a century.
He added, in statements to the Saudi Press Agency, “SPA”, today, Sunday, July 16, that both the Kingdom and Japan are keen to develop and diversify energy relations between them, in a way that achieves their common interests, and supports the development and stability of energy and the global economy, according to a statement by the Saudi Ministry of Energy.
The Saudi Minister of Energy stated that the Kingdom and Japan are strategic partners in the field of energy, and this partnership has been greatly strengthened within the goals and programs of the Kingdom’s Vision 2030, according to statements seen by the specialized energy platform.
Agree on energy issues
Prince Abdulaziz bin Salman said that the Kingdom and Japan agree on various energy issues, as they agree on the importance of supporting the stability and balance of global oil markets, by encouraging dialogue and cooperation between producing and consuming countries.
The Minister of Energy pointed to the agreement of the two countries on 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 economic growth in the world.
Prince Abdulaziz bin Salman stated that Saudi Arabia and Japan attach great importance to adherence to the principles of the Framework Convention on Climate Change, as well as focusing on emissions rather than energy sources, through the effective application of the circular carbon economy approach and carbon recycling techniques.
He pointed out that Saudi Arabia will continue to achieve the security of oil supplies to Japan, based on its commitment to strategic relations with it, by storing Saudi crude oil in the strategic storage facility on the island of Okinawa, according to what was stated in the statement, which was seen by the specialized energy platform.
The Saudi Energy Minister added, “The Kingdom has become the largest supplier of oil to Japan in 2021, after supplying about 40% of the country’s needs,” stressing the continuation of joint cooperation between Riyadh and Tokyo in the field of clean hydrogen and its applications.
Cooperation in the field of hydrogen and ammonia
The Saudi Minister of Energy said: “Cooperation continues with Japan in the field of developing 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.”
Prince Abdulaziz bin Salman stated that the arrival of the first shipment of clean ammonia produced in Saudi Arabia, which obtained a certificate approved by a neutral party, to Japan, for use as fuel for electricity generation, represents a milestone in the process of developing clean energy solutions, and is the result of effective cooperation between several parties in Riyadh and Tokyo. .
The minister praised the tendency of Japanese companies to invest in the Saudi energy market, to diversify global supply chains, through localization strategies that depend on the comparative advantages enjoyed by the Kingdom, stressing that the Kingdom, by virtue of its close relationship with Japan in the field of energy, seeks to develop areas of cooperation in various energy projects. .
These projects, according to the Saudi Energy Minister, include conventional and renewable energy and petrochemicals, to secure supply chains. The value of energy sector projects in Saudi Arabia is estimated at approximately 2.85 trillion riyals ($760 billion) over the next 10 years, according to what was monitored by the specialized energy platform.
He pointed out that the Kingdom’s purchases from Japan in the energy sector amounted to about 12 billion riyals ($3.2 billion) during the past 5 years, mostly in the oil, gas, petrochemical and conventional energy sectors, as they included turbines, pumps, valves and compressors, and various engineering, logistical, administrative and other services.
He added, “There are many opportunities for cooperation in the fields of petrochemicals, in light of the Kingdom’s ambitious plans to increase the capacity of petrochemical production internally, 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 and research.” development, and dissemination of technology to enable the transition to clean energy systems.
The difference also includes, according to Prince Abdulaziz bin Salman, in particular, the shift to renewable energy sources, and to new types of clean fuels, such as: ammonia and clean hydrogen, and the use of carbon capture, utilization and storage technologies.
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