Saudi National Center for Privatization awarded more than 60 contracts in 8 specific sectors

Saudi Crown Prince Stresses Kingdom’s Commitment to Stable Oil Supply to Japan

Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia, on Tuesday underlined the Kingdom’s commitment to maintaining crude oil supplies to Japan, signaling Riyadh’s desire to boost cooperation with Tokyo in other fields, including energy clean.

He made his comments during a video call with Japanese Prime Minister Fumio Kishida on the sidelines of the Saudi-Japan Vision 2030 Forum, where an agreement was reached to announce the Saudi-Japan Partnership Council.

Kishida expressed his gratitude to the Kingdom for the steady supplies of crude oil to his country, highlighting Saudi Arabia’s leading role in stabilizing the global oil market and supporting global clean energy supply chains.

The leaders also discussed bilateral economic and investment cooperation in energy and joint investments, research related to the climate initiative, environmental sustainability, environmental protection and means to reduce the effects of climate change.

Crown Prince Mohammed highlighted the growth of bilateral trade exchange in recent years and the aspiration to work with Japanese companies in a number of promising fields and giant projects, highlighting that Japan is Saudi Arabia’s largest investment destination.

Kishida expressed his happiness at handing over the torch of Expo 2025 Osaka, Kansai, to Saudi Arabia in 2030, highlighting Japan’s effort to foster greater growth in the fields of entertainment, tourism, education and sports.

During the Saudi-Japan Vision 2030 Business Forum in Japan, Saudi Energy Minister Prince Abdulaziz bin Salman announced that the Kingdom had achieved new world records in reducing the cost of electricity production from wind energy, through the AlGhat and Wa’ad Alshamal projects.

The Saudi Power Procurement Company signed two power purchase agreements with a consortium led by investment conglomerate Marubeni to purchase power from the AlGhat (600 MW) and Wa’ad Alshamal (500 MW) wind projects.

The signing of the two purchase agreements occurred after a public competition of five offers for each project. Both projects achieved new world records for wind energy projects in terms of total cost of electricity production.

Oil experts said Saudi Arabia’s new achievements align with the country’s efforts to diversify energy sources, boost its global position in exporting renewable and sustainable energy, as well as increase its use of clean energy, reduce carbon emissions and preserve the environment in line with the objectives. of Vision 2030.

They highlighted that the Kingdom has great capabilities in the production and export of renewable energies, such as wind, solar and hydrogen, as well as an adequate investment environment. They noted the launch of huge projects worth billions of rials and strategic plans that will transform Saudi Arabia into one of the largest exporters of all types of renewable energy.

Speaking to Asharq Al-Awsat, former senior advisor to the Saudi Ministry of Energy, Dr. Mohammad Srour Al-Sabban, said that Saudi Arabia has achieved new world records in reducing the cost of producing electricity from wind energy.

He added that this was a very important step within the Vision 2030 roadmap and its objectives of raising the proportion of electricity production based on renewable energy to 50 percent.

This approach will save the amount of liquid raw material used for the generation of electrical energy, which will be freed from oil and destined for export, in addition to reducing the cost of production in wind energy projects, he explained.

Oil expert Dr. Fahad Mohammed bin Jumah told Asharq Al-Awsat that this achievement will go a long way in lowering the costs of electricity production in Saudi Arabia and achieving the Kingdom’s plans to curb dependence on gas to approximately 50%. percent.

Meanwhile, more than 30 memorandums of understanding in the fields of energy, manufacturing and financial activities were signed at the forum.

Minister of Energy and Minister of Investment Khalid Al-Falih met with Japanese Minister of Economy, Trade and Industry Ken Saito, who said that Saudi Arabia is Japan’s largest supplier of crude oil and one of the most important partners. important in energy security.