Daily Management Review

Japan and Saudi Arabia sign memorandum on new types of energy


While in Saudi Arabia, Japanese Economy Minister Yasutoshi Nishimura met with the country's Energy Minister Abdulaziz bin Salman to discuss maintaining stable oil prices and signed a memorandum to jointly establish a network to supply new energy sources, such as hydrogen and ammonia, according to NHK television.

NASA/Cory Huston
NASA/Cory Huston
In the midst of the global energy crisis, Nishimura appealed for cooperation to maintain stable oil prices. Abdulaziz bin Salman asserted that in order to boost oil output, oil-consuming nations must invest in the sector.

The parties also agreed to work together to build a network for the distribution of novel forms of energy like hydrogen and ammonia.

After the meeting, Minister Nishimura emphasized that "Saudi Arabia and Japan have a long-standing relationship of trust in the energy sector" and that "Japan wishes to lead the discussion on the stability of the oil market" as the G7 chair for the following year.

source: reuters.com