Egypt Underlines Japan’s Support for its Tourism, Development Projects

FM Badr Abdelatty meets with Japanese Prime Minister Fumio Kishida in Tokyo. (Egyptian Ministry of Foreign Affairs)
FM Badr Abdelatty meets with Japanese Prime Minister Fumio Kishida in Tokyo. (Egyptian Ministry of Foreign Affairs)
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Egypt Underlines Japan’s Support for its Tourism, Development Projects

FM Badr Abdelatty meets with Japanese Prime Minister Fumio Kishida in Tokyo. (Egyptian Ministry of Foreign Affairs)
FM Badr Abdelatty meets with Japanese Prime Minister Fumio Kishida in Tokyo. (Egyptian Ministry of Foreign Affairs)

Egypt’s Foreign Minister Badr Abdelatty underscored on Friday Japan’s ongoing support for significant development projects in Egypt and collaboration in the field of education.

He emphasized his country’s eagerness to expand areas of bilateral cooperation by including artificial intelligence, governance, and collaboration between institutions and research centers for the exchange and transfer of expertise, as well as boosting Japanese tourism to Egypt.

Abdelatty met on Friday with Japanese Prime Minister Fumio Kishida on the sidelines of his participation in the ministerial meeting of the Tokyo International Conference on African Development (TICAD).

Ahmed Abu Zeid, the official spokesperson of the Ministry of Foreign Affairs and Immigration, said the minister conveyed President Abdel Fattah al-Sisi’s greetings and appreciation for Kishida’s role in elevating the bilateral relationship to a strategic partnership level.

The Japanese premier, for his part, stated that Egypt was an extremely important partner for his country, being “a major regional player with a crucial role in the Middle East.”

Abdelatty emphasized Cairo’s commitment to boosting economic and trade relations, noting the importance of increasing Japanese investment in the Egyptian market and Egypt’s success in attracting significant projects despite regional and global economic challenges and regional instability.

The discussions between Abdelatty and Kishida covered Egypt’s efforts on various fronts to resume negotiations for a Gaza ceasefire agreement and the delivery of humanitarian aid to Palestinians.

The FM underscored his country’s firm stance against “escalation policies, assassinations, and violations of state sovereignty practiced by Israel,” while Kishida noted that Japan “is watching the situation in the region with deep concern.”

He stated that “continued escalation will not serve anyone’s interests,” expressing Tokyo’s support for Cairo’s efforts to reach a viable solution.

In another meeting in Tokyo with the Egyptian-Japanese Business Council, Abdelatty stressed that Egypt is making steady and rapid economic progress despite global economic crises and the challenges posed by regional disruptions.

This has led to increased competitiveness of the Egyptian economy and boosted private sector involvement and the mobilization of more foreign direct investment.

He also highlighted his country’s efforts to become a regional hub for supply chains for European companies, as well as for the transport and trading of renewable and green energy.



US Buys Nearly 2.5 million Barrels of Oil for Strategic Petroleum Reserve

A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, US June 9, 2016. REUTERS/Richard Carson/File Photo Purchase Licensing Rights
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, US June 9, 2016. REUTERS/Richard Carson/File Photo Purchase Licensing Rights
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US Buys Nearly 2.5 million Barrels of Oil for Strategic Petroleum Reserve

A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, US June 9, 2016. REUTERS/Richard Carson/File Photo Purchase Licensing Rights
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, US June 9, 2016. REUTERS/Richard Carson/File Photo Purchase Licensing Rights

The US has bought nearly 2.5 million barrels of oil to help replenish the Strategic Petroleum Reserve after the largest sale ever from the facility in 2022, the Energy Department said on Friday.

About 800,000 barrels per month of the domestically produced sour, or relatively high in sulfur, oil will be delivered to the reserve's Bryan Mound, Texas site from January to March next year, it said, Reuters reported.

The contract for the purchase of more than $180.3 million worth of oil was awarded to Macquarie Commodities Trading US LLC, it said.

The department said on Aug. 12

it had planned to buy up to 6 million barrels, at a rate of 2 million per month from January to March. It did not immediately respond to a query on whether the remaining 3.5 million barrels could be bought for the Bryan Mound site for delivery in that time period.

The administration of President Joe Biden is slowly replenishing the reserve after it sold 180 million barrels from the facility in 2022 to control gasoline prices after Russia's invasion of Ukraine.

So far the administration has bought back more than 47 million barrels, the Energy Department said, at an average price of $76.89 a barrel, about $18 lower than the average price of $95 per barrel it sold the oil in 2022.