SAUDI - JAPAN TALKS
PE - King Salman and hundreds of business leaders from Saudi Arabia are in Japan for talks Monday mainly expected to focus on economic ties.
The visit is the first by a Saudi king in 46 years, though Salman visited more recently as crown prince.
Saudi Arabia is one of Japan's biggest suppliers of crude oil, accounting for about a third of its total imports of oil from the Middle East.
The kingdom is striving to diversify its economy away from its heavy reliance on oil exports, and Salman is on a month-long tour of Asia to advance his kingdom's economic and business interests.
Japan's Chief Cabinet Secretary Yoshihide Suga told reporters Monday that Japan is willing to provide support for the economic power in the Middle East.
"We will discuss growth strategy, including our 'Saudi Vision' project," he said, referring to Japanese collaboration with Vision 2030, a roadmap adopted by the kingdom last year for its development and economic objectives
He did not confirm reports that the countries would agree to set up a special economic zone in Saudi Arabia.
Salman met with Japanese Foreign Minister Fumio Kishida and was to meet Prime Minister Shinzo Abe later Monday.
Reports say Japan plans to urge that Saudi Aramco, the state-run oil company that is being partially privatized, seek a share listing on the Tokyo Stock Exchange.
Separately, Saudi Arabia's sovereign wealth fund and Japanese telecoms provider and energy company Softbank have joined forces in setting up a $25 billion private fund for technology investments.
Trade between the countries fell overall last year as oil prices dropped. Japan's 2.1 trillion yen ($18.6 billion) in imports from Saudi Arabia in 2016, mostly oil and gas, dwarfed its exports of 546.3 billion yen ($4.8 billion).
The delegation arrived late Sunday on about 10 aircraft. Officials said top hotels and car hire services would be busy handling the unusually large group during its four-day visit.
Salman's stop in Japan follows visits to Indonesia and Malaysia. He is due to travel on to Brunei, China and the Maldives.
While seeking investment and help with Saudi industrialization and development of its services sector, Salman has also offered help. Earlier, he pledged $1 billion in development finance for Indonesia and closer cooperation for combating transnational crime such as human trafficking, terrorism and the drugs trade.
|May, 23, 10:50:00|
|May, 23, 10:45:00|
|May, 23, 10:40:00|
|May, 23, 10:35:00|
|May, 23, 10:30:00|
|May, 23, 10:25:00|
WNN - "We met today to confirm the continuing commitment of the European Commission and the Atomic Energy Organisation of Iran towards the implementation of the Joint Comprehensive Plan of Action, and in particular its Annex III which addresses civil nuclear cooperation," Cañete and Ali Akhbar Salehi, president of the AEOI, said in a joint statement on 19 May. "We believe that the continuing implementation of the JCPOA, which was unanimously endorsed by UN Security Council Resolution 2231, is crucial for the development and progress of the region as well as the global peace and security."
BLOOMBERG - Natural gas will probably emerge as the main fossil fuel “winner” as it balances renewables in power generation and is used as a substitute for oil in petrochemicals. Long-term gas demand is set to increase by 15 percent, or by 750 billion cubic meters, compared to business as usual,
WNN - The United States, Canada, and Japan are launching the Nuclear Innovation: Clean Energy (NICE) Future Initiative. This global effort will make sure nuclear has a seat at the table during discussions about innovation and advanced clean energy systems of the future.
AOG - The agreement between ADNOC and ISPRL, which was initiated in January 2017 during a visit to India by a high-ranking UAE delegation, led by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, covers the storage of 5.86 million barrels of ADNOC crude oil in underground facilities, at the Karnataka facility. The first shipment, of approximately two million barrels of crude oil, will be followed by further shipments after India’s annual monsoon season.