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Saudi Arabia, Japan Sign Clean Energy Cooperation Document 

The Saudi and Japanese ministers sign the MoC during a ceremony on Sunday. (SPA)
The Saudi and Japanese ministers sign the MoC during a ceremony on Sunday. (SPA)
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Saudi Arabia, Japan Sign Clean Energy Cooperation Document 

The Saudi and Japanese ministers sign the MoC during a ceremony on Sunday. (SPA)
The Saudi and Japanese ministers sign the MoC during a ceremony on Sunday. (SPA)

Saudi Arabia and Japan signed a memorandum of cooperation (MoC) on Sunday in the fields of the circular carbon economy, carbon recycling, clean hydrogen and fuel ammonia, the Saudi Energy Ministry said on Twitter. 

The MoC was signed by Saudi Energy Minister Prince Abdulaziz bin Salman and Japanese Industry Minister Yasutoshi Nishimura, who is visiting the Kingdom. 

They held a meeting in which they both stressed the importance of supporting the stability of global oil markets through encouraging dialogue and cooperation between producers and consumers, the Saudi state news agency (SPA) reported. 

The two ministers also highlighted the need to ensure safe supplies from all energy sources to global markets and noted that the kingdom is "the largest dependable source" of crude oil supplies to Japan and "a reliable partner in this aspect" as well. 

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Biden Admin Delays Enforcement of Order Blocking Nippon Steel, US Steel Deal

FILE PHOTO: The logos of Nippon Steel Corp. are displayed at the company headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo
FILE PHOTO: The logos of Nippon Steel Corp. are displayed at the company headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo
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Biden Admin Delays Enforcement of Order Blocking Nippon Steel, US Steel Deal

FILE PHOTO: The logos of Nippon Steel Corp. are displayed at the company headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo
FILE PHOTO: The logos of Nippon Steel Corp. are displayed at the company headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo

The Biden administration will hold off enforcing a requirement laid out in an executive order this month that Nippon Steel abandon its $14.9 billion bid for US Steel, the companies said on Saturday.

US President Joe Biden blocked Nippon Steel's planned acquisition of US Steel on national security grounds on Jan. 3, and his Treasury Secretary Janet Yellen said this week that the proposed deal had received a "thorough analysis" by interagency review body, the Committee on Foreign Investment in the United States.

The delay will give the courts time to review a legal challenge brought by the parties earlier this month against Biden's order. The parties previously had 30 days to unwind their transaction, Reuters reported.
"We are pleased that CFIUS has granted an extension to June 18, 2025 of the requirement in President Biden's Executive Order that the parties permanently abandon the transaction," the companies said in a joint statement.
"We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders," they said.
US Steel and Nippon Steel alleged in a lawsuit on Monday that the CFIUS review was prejudiced by Biden's longstanding opposition to the deal, denying them of a right to a fair review. They asked a federal appeals court to overturn Biden's decision to allow them a fresh review to secure another shot at closing the merger.
The US Treasury secretary chairs the CFIUS panel, which screens foreign acquisitions of US companies and other investment deals for national security concerns. CFIUS normally decides directly on cases or submits recommendations to the president, but in the US Steel-Nippon Steel case, the panel failed to reach consensus on whether Biden should to approve or reject it, leaving the decision to him.
Both Biden and his successor, Republican Donald Trump, had voiced opposition to the Japanese company acquiring the American steelmaker as the candidates courted union votes in the November election won by Trump.
CFIUS has rarely rejected deals involving the Group of Seven closely allied countries, which include Japan.