RIYADH: Saudi Arabia and Japan are expected to diversify their long-standing trade relations in the energy sector as both countries work together to pursue goals of common interest, a top government official said.
Saudi Energy Minister Prince Abdulaziz bin Salman said that the relationship between Saudi Arabia and Japan, which spans over 50 years, is characterized by solidity, reliability and keenness of both sides to work together and ensure stability and development of the energy sector, the Saudi Press Agency reported.
The energy minister made this statement on the sidelines of Japanese Prime Minister Fumio Kishida’s visit to Saudi Arabia and the wider Middle East, which began on July 16.
According to the energy minister, Saudi Arabia and Japan are strategic partners in the energy sector, and it has played a crucial role in strengthening the Kingdom’s journey to achieve the goals outlined in Vision 2030.
In December 2022, both countries signed two sets of cooperation agreements in the fields of hydrogen, fuel ammonia and carbon recycling, strengthening the current relationship primarily based on buyer and supplier of crude oil.
In April, Japan received the first load of “independently certified low-carbon ammonia” from Saudi Arabia.
The energy minister said the shipment of low-carbon ammonia that reached Japan represented a milestone in clean energy cooperation between both countries.
He also urged Japanese companies to come forward and invest in Saudi Arabia in various sectors, including conventional energy, renewable energy and petrochemicals.
The Saudi energy minister further pointed out that Japan and the Kingdom should work together to meet the targets outlined in the Paris Agreement by effectively applying carbon recycling technologies.
The Paris Agreement is an international treaty on climate change that was produced in 2015 and compels signatories to work toward limiting the global temperature increase to 1.5 degrees Celsius above pre-industrial levels.
Apart from collaborating to achieve sustainability, the minister added that the Kingdom is committed to becoming a reliable source and partner for crude oil supplies to Japan.
He further revealed that Saudi Arabia was the largest exporter of petroleum to Japan as the Kingdom supplied 40 percent of the Asian country’s total needs.