Japan, Saudi Arabia discuss greater energy collaboration

RIYADH: Saudi Arabia’s and Japan’s top energy officials held talks in Riyadh on Sunday to enhance collaboration in the sector and ensure stable global supply.

The talks, as a part of the second Japan-Saudi energy dialogue, were led by Japan’s Economy, Trade and Industry Minister Ken Saito, and Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman.

The ministers reviewed the progress of the Saudi-Japan Lighthouse Initiative for Clean Energy Cooperation, which was announced in July, covering key areas including the use of hydrogen and ammonia, carbon recycling, critical minerals required for the energy sector, and supply chain resilience.

Both ministers stressed the importance of having stable global oil markets. Saudi Arabia is Japan’s largest oil supplier.

In addition, they agreed to advance global efforts toward net zero and address energy security and economic growth, the Saudi Press Agency reported.

Moreover, Saito and Bandar AlKhorayef, Saudi Arabia’s minister of industry and mineral resources, signed a memorandum of cooperation in the field of mining and mineral resources.

AlKhorayef recently concluded a three-day visit to Tokyo, which highlighted the Kingdom’s efforts in fostering economic relations with Japan.

During his trip, he said: “The Kingdom opens its doors to Japanese investors and invites them to capitalize on the investment opportunities that we have developed in accordance with our industrial and mining strategy.”