Saudi, Japan sign agreements to enhance cooperation in energy sector

Focus on the circular carbon economy and carbon recycling
Saudi, Japan sign agreements to enhance cooperation in energy sector
Saudi and Japanese Energy Ministers

Saudi and Japan have signed new energy cooperation agreements to expand the partnership between two of the world’s major economies.

The Saudi Press Agency said Monday that the agreements mainly focus on the areas of the circular carbon economy and carbon recycling, as well as green hydrogen and ammonia fuel and derivatives.

The two sides stressed the importance of ensuring the stability of global oil markets through continuous cooperation between oil-producing and consuming countries.

The agreements were signed by Saudi Energy Minister Prince Abdulaziz bin Salman and Japanese Minister of Economy, Trade, and Industry Nishimura Yasutoshi during the first ministerial meeting of the Japan-Saudi Energy Ministerial Dialogue in Riyadh.

Read: Saudi Energy Minister: OPEC+ shielded Saudi from oil market chaos

On the sidelines of the forum, Yasutoshi said that Saudi Arabia is an important country for Japan, noting that his country imports 40 percent of its crude oil from the Kingdom.

He added that relations between the two countries depend on mutual trust, explaining that they have moved up to new levels.

The forum witnessed the exchange of 15 investment memorandums of understanding between the two sides, in the fields of artificial intelligence, sports, finance, banking, polyester recycling, agriculture, food, industry, manufacturing, trade, energy, digitalization, smart cities, and privatization, according to SPA.

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