Saudi Arabia has expressed its continued dedication to ensuring oil supplies for Japan and will uphold cooperation with Tokyo on clean hydrogen, ammonia, and recycled carbon fuels. The kingdom will maintain the supply of Saudi crude oil for the government oil reserves in Okinawa, located in southern Japan.
Prince Abdulaziz, the Saudi Energy Minister, emphasised the kingdom’s commitment to being the most reliable partner, guaranteeing oil supply to Japan, and serving as its largest oil exporter, meeting 40% of Japan’s total oil needs.
Additionally, Japan and the Gulf Cooperation Council (GCC) have announced the resumption of talks on a free trade agreement. Japanese Foreign Minister Kishida and the GCC Secretary-General signed a joint statement to restart negotiations, marking the third attempt by Japan and the GCC to establish a trade pact.
The Saudi Energy Ministry has signed agreements with the Japanese Ministry of Economy, Trade, and Industry to collaborate on the development of clean hydrogen, ammonia production and its derivatives, and recycled carbon fuels. Furthermore, reports indicate that Kishida and Saudi Crown Prince Mohammed bin Salman are expected to reach agreements on cooperation in rare earth resources and explore joint development projects in other countries.
During his visit, Kishida, Japan’s Foreign Minister, plans to discuss energy markets while also aiming to offer Japanese technologies to support the transition to a net-zero economy.