Saudi Arabia Signs 3 Agreements with Japanese Companies

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Saudi Electricity Company Logo
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Saudi Arabia Signs 3 Agreements with Japanese Companies

Saudi Electricity Company Logo
Saudi Electricity Company Logo

Saudi Electricity Company (SEC) signed on Monday three cooperation agreements with Japanese companies to implement "Electric Motor Pilot Project in the Kingdom" aiming to evaluate and develop this trend and reduce the percentage of pollution associated with similar vehicles operating with internal combustion engines.

During the signing ceremony with officials of Tokyo Electricity Holding Company, Nissan Auto Company and Takawaka Toco Energy Solutions, deputy CEO of SEC for engineering and projects, Khalid al-Rashid said the project is an important step to transfer modern technologies in using electric energy, in general, and electric car technology, in particular, said Saudi Press Agency (SPA).

Rashid explained the deal covers the development of a quick electric charger for cars that can be charged within half an hour. Nissan Auto Company will furnish three electric cars to SEC, while Takawaka Toco Energy Solutions will provide the company with three quick electric auto chargers, he told the reporters.

The CEO acknowledged that there is a growing trend for the use of this type of cars and global companies are exerting great efforts to use them instead of traditional cars, adding that the upcoming period will witness more efforts to assess the utilization of such promising experiences, added SPA.

The deal also includes a study prepared by SEC and the three Japanese companies on how to operate electric cars in the Kingdom, the suitability and requirements of operation, and the expansion of the project in a manner that will achieve the objectives and future plans of all parties, indicated Rashid.

Saudi Electricity Company has signed over the past few years a number of deals and memos of understanding with key Japanese companies to build strategic relations with global manufacturers to transfer and localize new technologies in the area of electric energy, professional training programs and transfer of expertise, and scientific and technical conferences.



Oil Falls from Highest since October as Dollar Strengthens

People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
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Oil Falls from Highest since October as Dollar Strengthens

People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP

Oil prices dipped on Monday amid a strong US dollar ahead of key economic data by the US Federal Reserve and US payrolls later in the week.
Brent crude futures slid 28 cents, or 0.4%, to $76.23 a barrel by 0800 GMT after settling on Friday at its highest since Oct. 14.
US West Texas Intermediate crude was down 27 cents, or 0.4%, at $73.69 a barrel after closing on Friday at its highest since Oct. 11, Reuters reported.
Oil posted five-session gains previously with hopes of rising demand following colder weather in the Northern Hemisphere and more fiscal stimulus by China to revitalize its faltering economy.
However, the strength of the dollar is on investor's radar, Priyanka Sachdeva, a senior market analyst at Phillip Nova, wrote in a report on Monday.
The dollar stayed close to a two-year peak on Monday. A stronger dollar makes it more expensive to buy the greenback-priced commodity.
Investors are also awaiting economic news for more clues on the Federal Reserve's rate outlook and energy consumption.
Minutes of the Fed's last meeting are due on Wednesday and the December payrolls report will come on Friday.
There are some future concerns about Iranian and Russian oil shipments as the potential for stronger sanctions on both producers looms.
The Biden administration plans to impose more sanctions on Russia over its war on Ukraine, taking aim at its oil revenues with action against tankers carrying Russian crude, two sources with knowledge of the matter said on Sunday.
Goldman Sachs expects Iran's production and exports to fall by the second quarter as a result of expected policy changes and tighter sanctions from the administration of incoming US President Donald Trump.
Output at the OPEC producer could drop by 300,000 barrels per day to 3.25 million bpd by second quarter, they said.
The US oil rig count, an indicator of future output, fell by one to 482 last week, a weekly report from energy services firm Baker Hughes showed on Friday.
Still, the global oil market is clouded by a supply surplus this year as a rise in non-OPEC supplies is projected by analysts to largely offset global demand increase, also with the possibility of more production in the US under Trump.