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UAE, Japan strengthen financial, power, industrial cooperation to drive low carbon development alternatives

ABU DHABI, seventh June, 2022 (WAM) — Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Special Envoy for Climate Change, has held collection of high-level conferences with senior Japanese authorities and enterprise leaders, to strengthen financial, power and industrial cooperation between the UAE and Japan and drive low carbon development alternatives.

The conferences additionally targeted on the UAE’s preparations to host COP28 (twenty eighth Session of the Conference of the Parties) in 2023 and new alternatives for strategic cooperation between the UAE and Japan.

During the three-day working go to to Japan, Dr. Al Jaber met with senior Japanese authorities officers together with Hagiuda Koichi, Minister of Economy, Trade and Industry; Tsuyoshi Yamaguchi, Minister of Environment; and Odawara Kiyoshi, State Minister of Foreign Affairs.

Dr. Al Jaber additionally met with former Prime Minister Shinzo Abe; Hirokazu Matsuno, Chief Cabinet Secretary; Kihara Seiji, Deputy Chief Cabinet Secretary and Special Advisor to Japan’s Prime Minister; Taro Kono, Director, Liberal Democratic Party Public Affairs; Nishimura Yasutoshi, Member of the Japanese House of Representatives; and Tadashi Maeda, Governor of the Japan Bank for International Cooperation (JBIC).

At the conferences, Dr. Al Jaber conveyed the greetings of the UAE’s management to the federal government and other people of Japan. He bolstered the UAE’s dedication to Japan’s power safety and mentioned the UAE will proceed to make sure dependable provides of crude oil and liquiefied pure gasoline (LNG) to Japan. The UAE is Japan’s high crude oil provider, offering over 20% of its crude oil requirement.

Dr. Al Jaber’s conferences lined a spread of various subjects, together with the Comprehensive Strategic Partnership Initiative (CSPI) between the UAE and Japan which was introduced in 2018 through the go to of Japan’s former Prime Minister Shinzo Abe to the UAE. The CSPI goals to strengthen bilateral relations between the 2 nations and allow better strategic cooperation in all areas of mutual curiosity.

Dr. Al Jaber mentioned, “Today, Japan is likely one of the UAE’s largest and most vital power and buying and selling companions. In line with the directives of the UAE’s sensible management, we’re eager to bolster bilateral ties and additional strengthen our relationship throughout a number of sectors, by way of private and non-private partnerships that may ship mutually useful development alternatives and create elevated prosperity for each our peoples. The UAE is eager to leverage each aspect of our relationship, together with local weather diplomacy to drive financial improvement, allow low-carbon development and improve power safety.

“The UAE-Japan relationship is underpinned by long-standing energy partnerships, and we are very pleased to be working closely with Japan to capitalize on the economic opportunities of the energy transition, strengthen industrial cooperation and expand economic and trade relations.”

The conferences construct on the stable foundations of fifty years of shut financial and diplomatic co-operation between the UAE and Japan. Al Jaber careworn the keeness of the UAE management to strengthen relations with Japan.

Economic and industrial improvement, power provide, hydrogen, local weather motion have been among the many key subjects of Dr. Al Jaber’s discussions. He reviewed ongoing joint initiatives between the UAE and Japan in hydrogen and low-carbon blue ammonia and highlighted the ambition of the UAE and Japan to harness new commercially possible applied sciences to scale back carbon emissions.

Dr. Al Jaber additionally met with Japanese enterprise leaders, together with Takayuki Ueda, Representative Director, President and CEO, INPEX Corporation; Masayuki Hyodo, Director, President and CEO, Sumitomo Corporation; Satoshi Onoda, President, JERA Co., Inc; Kenichi Hori, Representative Director, President and CEO, Mitsui & Co; Shunichi Kito, Representative Director, President and CEO, Idemitsu Kosan Co.; Hiroshi Kiriyama, Representative Director, GCEO, Cosmo Energy Holdings Co; Takeshi Saito, Representative Director, President, ENEOS Holdings; Takehiko Kakiuchi, Chairman of the board, Mitsubishi Corporation; Masahiro Okafuji, Chairman and CEO, Itochu Corporation and Masumi Kakinoki, President and CEO, Marubeni Corporation.

During the go to, Abu Dhabi National Oil Company (ADNOC), ENEOS Corporation and Mitsui & Co., Ltd. (Mitsui) signed an settlement to discover establishing a hydrogen provide chain between the UAE and Japan. The settlement will assess the potential to transform hydrogen produced as a by-product from ADNOC’s refining and petrochemical operations and blue hydrogen produced from pure gasoline (hydrogen produced from CO2 captured and saved within the manufacturing course of) to methylcyclohexane (MCH), an environment friendly type of hydrogen transport, for export to Japan.

Separately, Mitsui signed an settlement to associate with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ), Fertiglobe and GS Energy within the world-scale low-carbon blue ammonia manufacturing facility on the TA’ZIZ Industrial Chemicals Zone in Ruwais, Abu Dhabi. The preliminary settlement was introduced in November 2021 and the challenge will speed up Abu Dhabi’s place as a pacesetter in low-carbon fuels, capitalizing on the demand for blue ammonia as a service gasoline for clear hydrogen.

The low-carbon blue ammonia challenge is predicted to begin manufacturing in 2025, with a manufacturing capability of roughly 1 million tons every year of blue ammonia. The TA’ZIZ Industrial Chemicals Zone is a three way partnership between ADNOC and ADQ.

Abu Dhabi Future Energy Company (Masdar) additionally signed a Memorandum of Understanding with Sumitomo Corporation to develop waste-to-energy tasks. This partnership goals to open up prospects for cooperation between the 2 firms in a spread of tasks, together with a facility to deal with 390,000 tons of waste yearly and generate 25 megawatts of power.

The UAE and Japan take pleasure in a strong bilateral commerce relationship. In 2021, the UAE was Japan’s tenth largest buying and selling associate globally. Bilateral commerce between each nations exceeded $30 billion in 2021, with UAE exports to Japan rising to $26 billion, and imports from Japan rising to $6.2 billion. More than 340 Japanese firms are primarily based within the UAE, working in numerous sectors together with infrastructure, business and power.

The final 12 months have witnessed additional financial co-operation between the UAE and Japan, with the signing of an settlement between ADNOC and three Japanese firms, INPEX Corporation, JERA Co. Inc and the Japan Oil, Gas and Metals National Corporation to discover the business potential of blue ammonia manufacturing within the UAE. Both nations additionally agreed to cooperate on gasoline ammonia and carbon recycling applied sciences following a Memorandum of Cooperation between ADNOC and Japan’s Ministry of Economy, Trade and Industry in January 2021.

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