Japan, which is heavily reliant on Saudi oil imports, agrees to provide technology to help Saudi Arabia diversify its economy.
Prime Minister Fumio Kishida visited Saudi Arabia on 17 July for meetings with Crown Prince Mohammed bin Salman (MbS) in the first leg of a tour of Gulf nations.
The two leaders agreed to cooperate in sharing technology to aid in the decarbonization and economic diversification of the Saudi economy, while ensuring Japan’s ongoing access to its oil, Japan Timesreported.
Japan imports all of its crude oil, including some 30 percent from Saudi Arabia, while MbS has vowed to diversify the Saudi economy away from almost complete reliance on oil exports, making bilateral relations between the two countries important.
During their meeting in the coastal city of Jeddah, Kishida and MbS signed 26 memorandums of cooperation in the energy sector, with Tokyo transferring technology for solar power generation and the use of hydrogen and ammonia as alternative sources of fuel.
Source: The Cradle
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