- Saudi Arabia and Japan inked a memorandum of cooperation for clean hydrogen, fuel ammonia, circular carbon economies, and carbon recycling. The partnership agreement was signed by Prince Abdulaziz bin Salman, the Saudi Arabian minister of energy, and Yasutoshi Nishimura, the visiting Japanese minister of industry. The two nations emphasised the necessity of ensuring secure supplies of all energy sources on international markets.
- Japan is a critical partner for Saudi Arabia as it intensifies its focus on the East. The Asian nation purchases almost 90% of its energy, making it the top liquefied natural gas importer in the world this year. Aramco imports nearly 40% of all the crude oil used in Japan while Asia receives more than 60% of the company's shipments, with China, Japan, South Korea, and India being the top buyers.
Why it matters
Meanwhile, as part of the kingdom's effort to increase its presence in the Asian continent, Aramco and China Petroleum and Chemical Corporation earlier this month signed an initial deal to construct a refinery and a petrochemicals plant in China.