Mitsubishi to Transfer Hydrogen Technology, Ammonia, High-Efficiency Equipment to Saudi Arabia

Koichi Nakagawa, Research Director and Chief Consultant at the Mitsubishi Research Institute (MRI) Middle East. (Saad al-Enezi)
Koichi Nakagawa, Research Director and Chief Consultant at the Mitsubishi Research Institute (MRI) Middle East. (Saad al-Enezi)
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Mitsubishi to Transfer Hydrogen Technology, Ammonia, High-Efficiency Equipment to Saudi Arabia

Koichi Nakagawa, Research Director and Chief Consultant at the Mitsubishi Research Institute (MRI) Middle East. (Saad al-Enezi)
Koichi Nakagawa, Research Director and Chief Consultant at the Mitsubishi Research Institute (MRI) Middle East. (Saad al-Enezi)

Koichi Nakagawa, Research Director and Chief Consultant at the Mitsubishi Research Institute (MRI) Middle East, revealed that Mitsubishi is planning to launch a number of understandings in Riyadh to strengthen partnerships with Saudi government agencies in the field of research and consultancy.

These understandings would help transfer knowledge and technologies in the fields of energy, agriculture, and health and come at a time Saudi Arabia is looking to localize industrial and economic expertise, he told Asharq Al-Awsat.

The company implements 1,800 annual projects for government and private companies daily, he revealed.

By doing this, Mitsubishi looks to open the door for cooperation with the Japanese government and technology providers with wide-ranging solutions to deal with climate change.

Such cooperation could boost energy sector sustainability, help develop new industries and businesses.

It also works to transfer hydrogen and ammonia technology and expertise in high-efficiency equipment, district cooling, infrastructure management, development and use of alternative fuels.

Nakagawa told Asharq Al-Awsat that the MRI chose Saudi Arabia as the first regional platform in the Middle East to launch its research and consultancy work because of the Kingdom's pivotal role in the region, the strength of its economy, and its new initiatives that emerge from Kingdom Vision 2030.

He said he was looking forward to the signing of agreements with several government agencies to launch MRI’s activities in Riyadh, and from there to all parts of the world.

He confirmed that he discussed ways of cooperation with the Ministry of Energy, especially means of transferring knowledge and consultations in the field of technology and renewable energy.

He also contacted the Ministry of Agriculture to maximize knowledge experiences in the field of agricultural and food production. Nakagawa also conducted talks related to health care technology.

He discussed with the King Abdullah University of Science and Technology efforts for maximizing the green and climate economies.

Nakagawa pointed out that “the Saudi market is huge and full of opportunities.”

He emphasized that Saudi regulations are working to attract foreign investment considering the recently launched mega projects and green initiatives, as well as the Saudi drive to promote sustainable development and the green economy.

He stressed that cooperation in the field of research and consultancy between Riyadh and Tokyo is witnessing a new era, stressing that his country gives the Kingdom special attention and is working to strengthen cooperation with it in various fields.

Tokyo is eyeing energy cooperation with Riyadh, revealed Nakagawa, noting the work and research that Saudi Arabia will undertake related to climate change, circular economy, renewable energy, and energy conservation.

Nakagawa explained that 24% of MRI’s work goes to government agencies, while up to 31% is in the field of industries. Around 45% of MRI’s activities focus on projects with financial institutions, while the rest goes to information technology solutions.



Trump Axes Chevron’s Venezuela Oil License, Citing Lack of Electoral Reforms 

A sculpture of a hand holding an oil drilling rig is pictured outside the state-run oil company Petroleos de Venezuela S.A. (PDVSA) in Caracas on February 26, 2025. (AFP)
A sculpture of a hand holding an oil drilling rig is pictured outside the state-run oil company Petroleos de Venezuela S.A. (PDVSA) in Caracas on February 26, 2025. (AFP)
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Trump Axes Chevron’s Venezuela Oil License, Citing Lack of Electoral Reforms 

A sculpture of a hand holding an oil drilling rig is pictured outside the state-run oil company Petroleos de Venezuela S.A. (PDVSA) in Caracas on February 26, 2025. (AFP)
A sculpture of a hand holding an oil drilling rig is pictured outside the state-run oil company Petroleos de Venezuela S.A. (PDVSA) in Caracas on February 26, 2025. (AFP)

US President Donald Trump on Wednesday said he was reversing a license given to Chevron to operate in Venezuela by his predecessor Joe Biden more than two years ago, accusing President Nicolas Maduro of not making progress on electoral reforms and migrant returns.

In a post on Truth Social, Trump said he was "reversing the concessions" of the "oil transaction agreement, dated November 26, 2022."

Trump did not name Chevron in his comments, but Washington granted Chevron a license to operate in Venezuela's oil sector on November 26, 2022. It was the only license the administration issued for Venezuela that day.

"The US government has made a damaging and inexplicable decision by announcing sanctions against the US company Chevron," Venezuelan Vice President Delcy Rodriguez said in a statement posted on Telegram.

She said "these kinds of failed decisions" had prompted migration out of Venezuela.

The White House did not immediately respond to requests for further detail on Trump's comments.

US Secretary of State Marco Rubio later said on X he will provide foreign policy guidance to terminate all Biden-era oil and gas licenses "that have shamefully bankrolled the illegitimate Maduro regime."

It was not immediately clear which, if any, other companies that would affect, but the US State and Treasury Departments have granted a number of licenses and authorizations in recent years, including to foreign firms.

Chevron said it was aware of Trump's post and was considering its implications.

Chevron exports about 240,000 barrels per day of crude from its Venezuela operations, over a quarter of the country's entire oil output.

Ending the license means Chevron will no longer be able to export Venezuelan crude. And if Venezuela's state oil company PDVSA exports oil previously exported by Chevron, US refineries will be unable to buy it due to US sanctions.

Since his return to office in January, Trump has repeatedly said the US does not need Venezuelan oil and left open the possibility of revoking Chevron's operating license.

During his first term, Trump pursued a "maximum pressure" sanctions policy against Maduro's government, especially targeting Venezuela's energy business.

After initially easing sanctions to encourage fair and democratic elections, Biden in April reinstated broad oil sanctions, saying Maduro failed to keep his electoral promises. But Biden had left the Chevron license intact, along with US authorizations granted to several other foreign oil companies.

Tax and royalty payments resulting from Chevron's license have provided a steady source of revenue to Maduro's administration since early 2023, a source familiar with Venezuela's oil industry said. The money has lifted Venezuela's economy, especially its oil-and-banking sectors, which expanded last year.

The government take from oil activities covered by all US licenses, to Chevron and a handful of European companies, is estimated between $2.1 billion and $3.2 billion annually, only considering royalties and taxes, said Jose Ignacio Hernandez from consultancy Aurora Macro Strategies.

US Energy Secretary Chris Wright said on Wednesday after Trump's comments that the US is the world's largest oil producer and "small interruptions from other nations" will not affect global supply.

ELECTORAL CONDITIONS 'NOT BEEN MET'

In early February, Trump said Caracas had agreed to receive all Venezuelan migrants in the United States illegally and provide for their transportation back.

That came a day after US envoy Richard Grenell met with Maduro in Caracas and brought six US detainees back.

Trump said in Wednesday's post Maduro had not met "electoral conditions" and that he was not transporting Venezuelans back to the United States at a pace that had been agreed to.

Trump did not detail what he meant by "electoral conditions." Maduro's last two election wins were both disputed by Washington, with Venezuela's opposition saying it won the July 2024 presidential election by a landslide, an assertion backed by the US and other Western countries.

The cancellation of the license proves Trump is on the side of Venezuelans, opposition leader Maria Corina Machado told Trump's son Donald Trump Jr. during an interview on the latter's video and podcast interview show.

"What you just mentioned is proof for me that President Trump is on the side of the Venezuelan people, of democracy, and prosperity of the US and for Venezuela as well," Machado said, adding the question from Trump Jr. was the first she had heard of his father's decision. "This is exactly the path ahead."

The oil concession agreement would be terminated as of the March 1 option to renew, Trump said.

It was not immediately clear what would happen with cargoes of Venezuelan crude currently navigating to US ports or about to depart from Venezuela through the end of the month.

Maduro and his government have always rejected sanctions by the United States and others, saying they are illegitimate measures that amount to an "economic war" designed to cripple Venezuela.

Maduro and his allies have cheered what they say is the country's resilience despite the measures, though they have historically blamed some economic hardships and shortages on sanctions.

When the license was first issued, Chevron was owed about $3 billion by Venezuela. According to the company's debt recovery plan, explained by sources, by the end of 2024 it should have recouped some $1.7 billion as oil output approached an average of 200,000 barrels per day as expected.

Chevron's automatically renewing license allowed it to expand crude output at joint ventures with PDVSA and send some 240,000 bpd to its own refineries and other customers.

Chevron said earlier in February it will lay off up to 20% of its global staff by the end of 2026 as part of an effort to cut costs and simplify the business. Chevron told its employees the company was falling behind competitors and struggled to quickly make decisions.