Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Official: Saudi-Japanese energy relationship is enormously important  Join our daily free Newsletter

MENAFN - Saudi Press Agency - 26/12/2007

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Saudi Press Agency) A senior official of Saudi Aramco has said the Saudi-Japanese energy relationship is enormously important - not only for the Kingdom of Saudi Arabia and Japan, but also for the entire world.

"Japan is the world's second largest economy, a technological powerhouse, home to some of the planet's leading companies in a wide variety of industries, and a primary driver of what many international observers are calling the 'Asian century," said Saudi Aramco vice president of Marketing and Supply Planning, Adil A. Al-Tubayyeb, who recently ended an important visit to Japan, where he met with Saudi Aramco customers and partners in addition to key figures in the Japanese energy sector.

"The economic power of Japan coupled with Saudi Arabia's position in the energy picture through its national petroleum enterprise, Saudi Aramco, make it clear that the relationships between our countries and among our companies are a matter of tremendous significance," he said in a report carried by Saudi Aramco's web-site.

Al-Tubayyeb addressed issues relevant to Japan, which is the second largest economy in the world and receives 30 percent of its energy supplies through Saudi Aramco - about 1.2 million barrels per day of crude oil, in addition to LPG, naphtha and condensates.

He visited the University of Tokyo's Graduate School of Public Policy, where he answered to questions raised by its students. He explained to them the mechanisms of the oil market and price drivers.

He said the abundant supply of conventional oil resources will provide sustainable energy for a long time. "The amount of conventional oil-in-place worldwide is estimated at between 6 and 8 trillion barrels," he said. "The world does not have to worry about (peak oil) for many decades to come."

But he also stressed the importance of balancing energy consumption with environmental concerns. "We must balance the need for energy with the imperative to protect our planet and preserve its delicate natural ecosystems," he said.

Al-Tubayyeb told the students Saudi Aramco, its counterparts in the Japanese oil industry and the rest of the world are hard at work developing solutions to these and other challenges. "The vital nature of your role is why I felt it was so important to address this audience and why I consider it such a privilege to have the opportunity to be here."

Al-Tubayyeb stressed Saudi Aramco's commitment to being a reliable long-term supplier of energy, stressing the importance of cooperation between producers and consumers, and the need to move beyond words to serious actions that would reassure both sides of the supply-demand equation.
In another stop, Al-Tubayyeb told the Japanese Committee for Energy Policy Promotion that suppliers could look to Saudi Aramco as an example of how to meet long-term energy demand growth.

"First there is our stepped-up exploration program, which is locating additional quantities of crude oil and natural gas," he said. "Despite the fact that we manage nearly 260 billion barrels of crude oil, we continue to actively search for more resources to meet global demand for many decades to come, and our efforts are being met with success back in the deserts of Arabia."

Saudi Aramco's vision for the vital Japanese relationship was expressed as Al-Tubayyeb stressed the need for more investments in both upstream and downstream projects. He said that while the company appreciates its current business in Japan, other potential areas of cooperation and development should be explored, particularly in the energy industry, such as power generation, a relationship that he called "long overdue.

In another roundtable discussion, Al-Tubayyeb told Japan's next generation of business leaders: "We have well-established and solid relationships with Japanese petroleum companies, petrochemical firms like Sumitomo Chemical, and world-class engineering enterprises like JGC and Chiyoda. Some of you, such as the large power-generation and town gas companies, have no direct business with us at the moment but could be involved in our total energy business in the future and are nevertheless important partners in this energy dialogue today."

Al-Tubayyeb also explored areas in which Saudi Aramco could serve its customers in Japan better, while encouraging the Japanese business community to invest more in Saudi Arabia, particularly in advanced technologies and manufacturing.

In an interview, Al-Tubayyeb said the Japanese market is one of the most important markets for Saudi Aramco and its relations with the Japanese energy industry are multi-layered.

"We are suppliers, partners and shareholders in major projects, both in Japan and in Saudi Arabia," he said.

On the Research and Development front, Al-Tubayyeb asked the young generation of leaders to consider "joint efforts with Nippon Oil, the Japan Cooperation Center - Petroleum, and the King Fahd University of Petroleum and Minerals to develop a revolutionary high-severity fluid catalytic cracking refining design that opens new possibilities for integrated refining and petrochemical complexes."

While in Tokyo, Al-Tubayyeb had also received an invitation to pay a courtesy visit to the Japanese minister for Economy, Energy and Industry, Akira Amari. The two exchanged ideas about Saudi Aramco's relationship with the Japanese oil industry and the purpose of his visit to Japan.

 






  MENA News Headlines
Apr 24 2014Qatar- HH Sheikha Moza Meets Mayor of Kobe Visits RIKEN Research Institution ,Qatar News Agency
(MENAFN - Qatar News Agency) Kobe April 24 - Her Highness Sheikha Moza bint Nasser Chairperson of Qatar Foundation for Education Science and Community Development (QF) today held a meeting with the ...

Apr 24 2014Qatar- Sidra-BMC Event Boosts Biomedical Research Publishing ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - A symposium organised jointly by Sidra Medical Research Centre and BioMed Central (BMC) mulled trends in research and on open access publishing here ...

Apr 24 2014Qatar- Mannai Corp Q1 Net Profit up 73% to QR 150.1 Million ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Exchange listed Mannai Corporation (QE: MCCS) net profit is up 73% to QR 150.1 Million for the first quarter of fiscal year 2014 ending March 31 ...

Apr 24 2014Bahraini firms forecasted to grow 10 pct ,MENAFN
(MENAFN) In a report based on a study of over 650 companies across GCC, Kuwait Financial Centre (Markaz) forecasts a growth of the Bahraini companies' earnings by 10 percent in 2014, Gulf Daily News ...

Apr 24 2014Israeli Army Storms Deir Samit Village West of Hebron ,Qatar News Agency
(MENAFN - Qatar News Agency) bron April 24 - Israeli army forces stormed at dawn Thursday Deir Samit village southwest of Hebron city in the West Bank. The Israeli forces conducted raid and search ...

Apr 24 2014Qatar Airways to add more seats on Doha-Vienna route ,MENAFN
(MENAFN) Qatar Airways plans to offer more 1.700 seats on its Doha-Vienna route beginning from September 2014, according to Gulf News. The company aims to expand the growing passenger demand from ...

Apr 24 2014Qatar- QFC Authority Five-a-Side Football Tournament Kicks Off ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Financial Centre (QFC) Authority's first Five-a-side Football Tournament is displaying dribbling skills of executives from Doha's financial ...

Apr 24 2014Dubai SME ties up with Taylor Wessing to raise awareness on Intellectual Property and fund-raising among SME100 firms ,MENAFN Press
(MENAFN Press) Dubai SME, the agency of the Department for Economic Development in Dubai mandated to develop the SME sector, have signed a memorandum of understanding (MoU) with the international law ...

Apr 24 2014Qatar Stock Exchange Down 0.05% ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - The Qatar Exchange ended in the red area when trading closed Thursday at 12954.93 points (0.05%) down 6.63 points from the previous closing of 12961.56 ...

Apr 24 2014Mannai Corporation net profit soars 73 percent in Q1 ,MENAFN
(MENAFN) Qatar's Mannai Corporation said that its net profit in the first quarter of this year increased significantly, the Peninsula Qatar reported. The group said that net profit in the period ...

Apr 24 2014Israeli Tanks Enter Gaza Border area ,Qatar News Agency
(MENAFN - Qatar News Agency) Gaza April 24 - Six Israeli military tanks on Thursday entered a border area in the southern Gaza Strip witnesses said. The tanks crossed into Gaza in an area called ...

Apr 24 2014President Salva Kiir Relieves his Chief of the General Staff ,Qatar News Agency
(MENAFN - Qatar News Agency) Juba April 24 -South Sudanese President Salva Kiir relieved Chief of the General Staff of south sudan army James Hoth Mai. This came in a presidential decree aired ...

Apr 24 2014Omani non-oil exports to enter African markets ,MENAFN
(MENAFN) A senior official at the Oman Chamber of Commerce and Industry (OCCI) said that the Sultanate is seeking expansion in new African markets, in a time it is looking forward to reduce its ...

Apr 24 2014Redefining large AOC launches 28€³ MVA monitors ,MENAFN Press
(MENAFN Press) Display specialist AOC launches its first two 28" (71.1 cm) monitors. The m2870Vhe and m2870Vq feature extra-large 16:9 MVA panels with Full HD resolution, wide viewing angles and high ...

Apr 24 2014Afghan Guard Shoots Dead 3 Foreigners in Hospital ,Qatar News Agency
(MENAFN - Qatar News Agency) Kabul April 24 - Three foreigners including a doctor were shot dead and their colleague wounded when a guard of a private Cure Hospital opened fire on them in the ...

Apr 24 2014US Secretary of State Meets Egyptian Intelligence Chief ,Qatar News Agency
(MENAFN - Qatar News Agency) shington April 24 - US Secretary of State John Kerry has met with the Egyptian Intelligence Chief Major General Mohammed Ahmed Fareed al-Tohami who is currently ...

Apr 24 2014Egypt's Interim President Receives Phone Call from South African President ,Qatar News Agency
(MENAFN - Qatar News Agency) Cairo April 24 - Egypt's Interim President Adly Mansour has received a telephone call from President of the Republic of South Africa Jacob Zuma in which they discussed ...

Apr 24 2014Finance House Q1 Net Soars 38% to AED 35.51 Million ,MENAFN Press
(MENAFN Press) Finance House PJSC (FH), has kicked-off 2014 on an upbeat note by registering a consolidated net profit of AED 35.51 million for the first quarter of 2014, which is nearly 38% higher ...

Apr 24 2014Mazola launches Sunflower Oil in new 1.8 litre label and packaging ,MENAFN Press
(MENAFN Press) Mazola, one of the leading names in the regional food industry, today announced the launch of its 1.8 litre Sunflower Oil in a brand new pack and label design. The new look perfectly ...

Apr 24 2014Georgian Justice Minister Leaves Doha ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - HE Minister of Justice of Georgia Tia Tsulukiana left Doha on Thursday morning wrapping up a two-day official visit to the country. An agreement on ...

more...


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help