Minister confident of progress in ties as Saudi-Japan Business Forum kicks off in Tokyo

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The forum is focusing on showcasing the opportunities by key Saudi government and private sector entities to partner with Japanese counterparts on the themes of Tourism and Entertainment, and Innovation and Productivity. (Supplied)
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The forum is focusing on showcasing the opportunities by key Saudi government and private sector entities to partner with Japanese counterparts on the themes of Tourism and Entertainment, and Innovation and Productivity. (Supplied)
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The forum is focusing on showcasing the opportunities by key Saudi government and private sector entities to partner with Japanese counterparts on the themes of Tourism and Entertainment, and Innovation and Productivity. (Supplied)
Updated 23 October 2019

Minister confident of progress in ties as Saudi-Japan Business Forum kicks off in Tokyo

  • Saudi-Japan Vision 203 business forum aims to introduce Saudi Arabia as an attractive investment destination
  • Key issues being discussed at the forum include national digitalization and the essence of Vision 2030

The bilateral economic and commercial ties and agreements between Saudi Arabia and Japan are progressing well, Saudi economy and planning minister Mohammed Al-Tuweijiri said on Wednesday.

Tuwaijri was speaking at the Saudi-Japan Vision Business Forum taking place in Tokyo. He said he is “confident that they will proceed well going forward”.

Under the Saudi-Japan Vision 2030, the Saudi General Investment Authority (SAGIA), the Japan External Trade Organization (JETRO) and the Japan Cooperation Center for the Middle East (JCCME) have come together to organize the Saudi-Japan Vision Business Forum.

Also present on the occasion was Saudi minister of commerce and investment, Majid Al-Qasabi, who said “Japan has been a credible and reliable partner”.

Earlier, in his opening remarks, Muhannad Abanmy, the General Manager of Entertainment Infrastructure Development at GEA said Saudi Arabia is “open for business”.

This forum aims to introduce Saudi Arabia (under the Invest Saudi Brand) as an attractive investment destination especially in the fields of tourism, entertainment, and discuss business opportunities for Japanese technology companies to contribute to the Saudi private and public sector.

Key issues being discussed at the forum include national digitalization and the essence of Vision 2030.

The forum is focusing on showcasing the opportunities by key Saudi government and private sector entities to partner with Japanese counterparts on the themes of Tourism and Entertainment, and Innovation and Productivity.

Saudi & Japan are undergoing key structural changes in their governments to promote and reshape their economy to a more sustainable and dynamic one that creates a healthy society and enhance the well-being of both populations.

Saudi Vision 2030 seeks to increase entertainment and tourism’s contribution to national GDP, while enhancing the Kingdom’s profile as a unique destination.


Russia vows cooperation with OPEC to keep oil market balanced

Updated 21 November 2019

Russia vows cooperation with OPEC to keep oil market balanced

  • Moscow not aiming to be world’s No.1 crude producer, Putin tells annual investment forum

MOSCOW: President Vladimir Putin said on Wednesday that Russia and the Organization of the Petroleum Exporting Countries (OPEC) have “a common goal” of keeping the oil market balanced and predictable, and Moscow will continue cooperation under the global supply curbs deal.

OPEC meets on Dec. 5 in Vienna, followed by talks with a group of other exporters, including Russia, known as OPEC+.

“Our (common with OPEC) goal is for the market to be balanced, acceptable for producers and consumers and the most important — and I want to underline this — predictable,” Putin told a forum on Wednesday.

In October, Russia cut its oil output to 11.23 million barrels per day (bpd) from 11.25 million bpd in September but it was still higher than a 11.17-11.18 million bpd cap set for Moscow under the existing global deal. Putin told the forum that Russia’s oil production was growing slightly despite the supply curbs deal but Moscow was not aiming to be the world’s No. 1 crude producer. Currently, the US is the world’s top oil producer.

“Russia has a serious impact on the global energy market but the most impact we achieve (is) when working along with other key producers,” he said. “There was a moment not that long ago when Russia was the world’s top oil producer — this is not our goal.”

Russia plans to produce between 556 million and 560 million tons of oil this year (11.17-11.25 million bpd), Energy Minister Alexander Novak said separately on Wednesday, depending on the volume of gas condensate produced during cold months.

Russia will aim to stick to its commitments under the deal in November, Novak told reporters.

Russia includes gas condensate — a side product also known as a “light oil” produced when companies extract natural gas — into its overall oil production statistics, which some other oil producing countries do not do.

As Russia is gradually increasing liquefied natural gas production (LNG), the share of gas condensate it is producing is also growing. Gas condensate now accounts for around 6 percent of Russian oil production.

Novak told reporters that in winter, Russia traditionally produces more gas condensate as it is launching new gas fields in the freezing temperatures.

“We believe that gas condensate should not be taken into account (of overall oil production statistics), as this is an absolutely different area related to gas production and gas supplies,” he said.

Three sources told Reuters on Tuesday that Russia is unlikely to agree to deepen cuts in oil output at a meeting with fellow exporters next month, but could commit to extend existing curbs to support Saudi Arabia.

On Wednesday, Novak declined to say that Russia’s position would be at upcoming OPEC+ meeting. Reuters uses a conversion rate of 7.33 barrels per ton of oil.