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March FY2022
Minister Hagiuda Holds Video Conference with H.E. Dr. Mohammad Abdullatif Al-Faris, Kuwait’s Deputy Prime Minister and Minister of Oil and Minister of State for Cabinet Affairs

Minister Hagiuda Holds Video Conference with H.E. Dr. Mohammad Abdullatif Al-Faris, Kuwait’s Deputy Prime Minister and Minister of Oil and Minister of State for Cabinet Affairs

March 31, 2022

On March 31 (Wed.), Mr. Hagiuda Koichi, Minister of Economy, Trade and Industry (METI), held a video conference with H.E. Dr. Mohammad Abdulatif Al-Faris (Kuwait's Deputy Prime Minister and Minister of Oil and Minister of State for Cabinet Affairs) to urge him to work toward stability in the international crude oil market and confirm that they will strengthen their cooperation in the clean energy field. After the meeting, they also attended the signing ceremony for a Memorandum of Cooperation (MOC) between Nippon Export and Investment Insurance (NEXI) and the Kuwait Petroleum Corporation (KPC).

In the meeting, the minister expressed his gratitude for the stable supply of crude oil to Japan and urged cooperation toward stabilizing the international crude oil market in light of the recent soaring crude oil prices.
Regarding energy relations between both countries, the two leaders confirmed the importance of strengthening their cooperation in the field of clean energy such as hydrogen and ammonia, in addition to the existing oil and natural gas sector.
After the meeting, they also attended the signing ceremony for an MOC between NEXI and KPC that included goals such as expanding cooperation on energy and moving decarbonization forward. This MOC and future financing for the KPC are expected to increase Kuwait's crude oil production capacity and cooperation on the part of both countries in the decarbonization field.

At the meeting

At the signing ceremony

Note: The MOC between NEXI and KPC

includes (1) expanding business opportunities for Japanese companies in Kuwait and advancing cooperation between KPC and NEXI to accelerate decarbonization in the energy field, (2) discussions on accelerating energy-related projects and exports of Japanese products with the participation of Japanese companies, and (3) consideration for financing KPC with NEXI insurance coverage.

Division in Charge

Petroleum and Natural Gas Division, Natural Resources and Fuel Department, Agency for Natural Resources and Energy

Related website

Regional Affairs/Kuwait