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.



UK-Saudi-UAE Alliance to Develop Ground-breaking Petrochemical Complex in Egypt

The project, with an estimated investment of $7 billion, is set to create 20,000 jobs during the construction phase and 3,000 permanent positions upon operation. Photo: Egypt’s Ministry of Petroleum
The project, with an estimated investment of $7 billion, is set to create 20,000 jobs during the construction phase and 3,000 permanent positions upon operation. Photo: Egypt’s Ministry of Petroleum
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UK-Saudi-UAE Alliance to Develop Ground-breaking Petrochemical Complex in Egypt

The project, with an estimated investment of $7 billion, is set to create 20,000 jobs during the construction phase and 3,000 permanent positions upon operation. Photo: Egypt’s Ministry of Petroleum
The project, with an estimated investment of $7 billion, is set to create 20,000 jobs during the construction phase and 3,000 permanent positions upon operation. Photo: Egypt’s Ministry of Petroleum

The UK’s Shard Capital Partners LLP, in collaboration with UAE-based Royal Strategic Partners and Saudi Arabia’s Al-Qahtani Group, has announced the signing of a Framework Agreement with Egypt’s Ministry of Petroleum and Ministry of Investment to develop a ground-breaking petrochemical complex in the industrial zone of New Alamein City.

In addition, Shard Capital said it is having initial discussions with Orascom Construction for the investment in the construction and operation of the complex outside battery limits on a Build Own and Operate basis.

The project, with an estimated investment of $7 billion, is set to create 20,000 jobs during the construction phase and 3,000 permanent positions upon operation, supporting Egypt’s economic development through job creation, Shard Capital said in a statement.

The project will establish an integrated complex with a production capacity of approximately 3.1 million tons annually of eight specialized petrochemical products. Using crude oil as its primary feedstock, the facility will include a refinery, and a mixed steam cracker unit designed to achieve one of the highest global conversion rates.

This state-of-the-art complex represents a transformative step for the industry by employing cutting-edge global technologies to maximize production efficiency and convert crude oil into high-value end products. Additionally, it will significantly enhance Egypt’s export capabilities in the petrochemical sector, playing a pivotal role in driving economic growth and strengthening global market position.

“Signing this agreement marks a historic milestone for Shard Capital LLP and reflects our deep commitment to advancing Egypt’s petrochemical sector. We are proud to be part of this critical project that will revolutionize the industry by leveraging cutting-edge American and European technologies to ensure maximum efficiency in converting raw materials into specialized petrochemicals while delivering exceptional returns for both the complex and Egypt,” said Capital Markets Advisor at Shard Capital Partners LLP William Blain.

He added: “We are committed to implementing the highest environmental sustainability standards and minimizing carbon emissions. Our ongoing collaboration with US partners on blue hydrogen production feasibility studies represents a step toward a more sustainable future.”

CEO of Shard Capital Partners LLP Toby Raincock said: “This complex will enhance Egypt’s industrial capabilities, open new export markets, create extensive job opportunities, and drive economic development across the region.