Saudi Crown Prince Emphasizes Kingdom’s Commitment to Stable Oil Supplies to Japan

Saudi Crown Prince Mohammed bin Salman holds a video call with Japanese Prime Minister Fumio Kishida on the sidelines of the Saudi Arabia-Japan Vision 2030 Forum. (SPA)
Saudi Crown Prince Mohammed bin Salman holds a video call with Japanese Prime Minister Fumio Kishida on the sidelines of the Saudi Arabia-Japan Vision 2030 Forum. (SPA)
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Saudi Crown Prince Emphasizes Kingdom’s Commitment to Stable Oil Supplies to Japan

Saudi Crown Prince Mohammed bin Salman holds a video call with Japanese Prime Minister Fumio Kishida on the sidelines of the Saudi Arabia-Japan Vision 2030 Forum. (SPA)
Saudi Crown Prince Mohammed bin Salman holds a video call with Japanese Prime Minister Fumio Kishida on the sidelines of the Saudi Arabia-Japan Vision 2030 Forum. (SPA)

Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia, underscored on Tuesday the Kingdom’s commitment to maintaining the supply of crude oil to Japan, pointing to Riyadh’s desire to boost cooperation with Tokyo in other fields, including clean energy.

He made his remarks during a video call with Japanese Prime Minister Fumio Kishida on the sidelines of the Saudi Arabia-Japan Vision 2030 Forum, which witnessed an agreement to announce the Saudi-Japanese Partnership Council.

Kishida expressed his gratitude to the Kingdom for the steady supplies of crude oil to his country, highlighting Saudi Arabia’s leading role in stabilizing the global oil market and supporting global supply chains for clean energy.

The leaders also tackled bilateral economic and investment cooperation in energy and joint investments, research related to the climate initiative, environmental sustainability, environmental protection, and means to reduce the effects of climate change.

Crown Prince Mohammed highlighted the growth of bilateral trade exchange in recent years and the aspiration to work with Japanese companies in a number of promising fields and giant projects, stressing that Japan is Saudi Arabia’s largest investment destination.

Kishida expressed his happiness at handing over the torch of Expo 2025 Osaka, Kansai, to Saudi Arabia in 2030, noting Japan’s effort to encourage further growth in the fields of entertainment, tourism, education and sports.

During the Saudi-Japan Vision 2030 Business Forum in Japan, Saudi Minister of Energy Prince Abdulaziz bin Salman announced that the Kingdom had achieved new global records in reducing the cost of electricity production from wind energy, through the AlGhat and Wa’ad Alshamal projects.

The Saudi Power Procurement Company signed two power purchase agreements with a consortium led by investment conglomerate Marubeni to purchase power from the AlGhat (600 MW) and Wa’ad Alshamal (500 MW) wind projects.

The signing of the two purchase agreements came after a public competition for five bids for each project. Both projects achieved new global records for wind energy projects in terms of the total cost of electricity production.

Oil experts said Saudi Arabia’s new achievements align within the country’s efforts to diversify energy sources, boost its global position in exporting renewable and sustainable energy, as well as increasing its use of clean energy, reducing carbon emissions and preserving the environment in line with the goals of Vision 2030.

They stressed that the Kingdom possesses great capabilities in the production and export of renewable energy, such as wind, solar and hydrogen energy, as well as a suitable investment environment. They pointed to the launch of huge projects worth billions of riyals, and strategic plans that will transform Saudi Arabia into one of the most important countries that export all types of renewable energy.

In remarks to Asharq Al-Awsat, former chief advisor to the Saudi Ministry of Energy Dr. Mohammad Srour Al-Sabban said Saudi Arabia has achieved new world records in reducing the cost of producing electricity from wind energy.

He added that this was a very important step within the roadmap of Vision 2030 and its goals to raise the share of electrical production relying on renewable energy to 50 percent.

This approach will save the amount of liquid feedstock used for electric power generation, which will be liberated from oil and directed for export, in addition to reducing the cost of production in wind energy projects, he explained.

Oil expert Dr. Fahad Mohammed bin Jumah told Asharq Al-Awsat that this achievement will contribute greatly to decreasing the costs of electricity production in Saudi Arabia and achieving the Kingdom’s plans to curb the dependence on gas to about 50 percent.

Meanwhile, the forum saw the signing of more than 30 memorandums of understanding in the fields of energy, manufacturing, and financial activities.

Minister of Energy and Minister of Investment Khalid Al-Falih met with Japanese Minister of Economy, Trade and Industry Ken Saito, who said Saudi Arabia is the largest supplier of crude oil to Japan, and one of the most important partners in energy security.



Egypt Says it Cut Foreign Debt by $14 Bln in 5 Months to May

The Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS/Mohamed Abd El Ghany
The Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS/Mohamed Abd El Ghany
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Egypt Says it Cut Foreign Debt by $14 Bln in 5 Months to May

The Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS/Mohamed Abd El Ghany
The Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS/Mohamed Abd El Ghany

Egypt reduced its external debt by $14 billion in the five months to end-May, the sharpest such decline in the country's history, a statement released on Monday by Egypt's press center said.
The country's external debt fell to $154 billion as of the end of May from $168 billion at the end of December, according to the statement which quoted an unnamed high-level source at the central bank.
Egypt quadrupled its debt over the last nine years to help among others fund a new capital, build infrastructure and support an overvalued currency.