Japanese Prime Minister Fumio Kishida will visit many countries in the Middle East from July 16 to July 19, during which discussions will be held on energy markets, mining, new energy technologies and other fields.
In the early hours of Saturday, Beijing time, the Nikkei News reported that,On the first stop of Fumio Kishida’s trip to the Middle East, he will finalize an agreement with Saudi Crown Prince Salman on a joint investment in the development of rare earth resources.
(Source: Nikkei News)
As part of the agreement,Japan’s Ministry of Economy, Trade and Industry and the Japan Organization for Metal and Energy Security (JOGMEC), backed by the government, will sign a memorandum of cooperation with the Saudi Ministry of Industry and Mineral Resources. Japan and Saudi Arabia will explore joint investment in resource development projects in third countries. Saudi Arabia is also looking for new rare earth deposits in the country, and JOGMEC will provide technical assistance for preliminary investigations.
In addition to rare earths, Japan will also help accelerate the development of resources already being mined in Saudi Arabia, such ascopper, iron and zinc。
According to the schedule officially announced by Japan, after Saudi Arabia, Kishida Fumio will also go toUAE and Qatar. Energy-poor Japan relies heavily on energy supplies from Middle Eastern countries, Saudi Arabia is the talker of OPEC, and Qatar is the world’s largest natural gas exporter.
According to an “anonymous senior Japanese government official” who told the media this Thursday, due to the situation in Ukraine, crude oil prices remain high, so exchanging views on the current oil market and liquefied natural gas market is a very important purpose of Kishida’s trip.
The official also said that one of the achievements Japan expects to achieve from this visit is cooperation in the field of new energy, such as hydrogen and ammonia, and the use of Japanese technology to further expand cooperation in the energy field.
In March this year, Japan’s Marubeni Trading Company announced that it will jointly study the production of green hydrogen in the country with the Saudi sovereign wealth fund PIF. The PIF with deep pockets said last year that it plans to invest at least US$10 billion in eligible green projects by 2026, involving renewable energy, clean energy transportation and sustainable water resource management.
(Article source: Financial Associated Press)
Article source: Financial Associated Press
Original title: There is a new trend in the global supply chain: Japan and Saudi Arabia are preparing to jointly develop rare earth resources
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2023-07-15 01:00:12
