japans toyota to look at saudi production as countries seek closer ties
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Japan's Toyota to look at Saudi production as countries seek closer ties

Arab Today, arab today

Arab Today, arab today Japan's Toyota to look at Saudi production as countries seek closer ties

Japanese carmaker signs memorandum of understanding with Saudi
TOKYO - Arab today

Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian government agency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation.

The move, if firmed up, would be a big step for the Saudi economy as the government tries to diversify beyond oil exports and create jobs as part of the kingdom's 2030 Vision.

So far, Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because they lack broad industrial bases and a skilled local workforce.

"The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi companies like Sabic, Maaden, Petro Rabigh, and other major industrial companies in the kingdom," the official Saudi state news agency reported.

The MOU is with Saudi Arabia's National Industrial Clusters Development Program (NICDP)

Meanwhile, state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hosted on Tuesday, coinciding with a visit by Saudi Arabia's King Salman this week.

Saudi Aramco and Japan's biggest oil refiner JX Nippon Oil & Energy agreed to consider a refinery joint venture in a third country and cooperation in trading and technology of oil and petrochemical products.

Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu Kosan Co.

In addition, Aramco and state-run Japan Oil, Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storage capacity in Japan by 300,000 kilolitres (about 1.9 million barrels) from the current 6.3 million barrels from April 1.

Japan treats crude oil stored by Aramco as quasi-government oil reserves, counting half of the barrels stored by Aramco as national crude reserves.

Companies and government organisations in both nations signed a total of 20 MOUs on Tuesday, including cooperation between the Saudi Arabian General Investment Authority (SAGIA) and Japan's three megabanks - Mitsubishi UFJ Financial Group , Sumitomo Mitsui Financial Group and Mizuho Financial Group - on increasing investments in the kingdom.

The MOUs also included cooperation in seawater desalination.

(Reporting by Osamu Tsukimori in TOKYO and Reem Shamseddine in Khobar, Saudi Arabia; Editing by Mark Potter)

source : gulfnews

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

japans toyota to look at saudi production as countries seek closer ties japans toyota to look at saudi production as countries seek closer ties

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

japans toyota to look at saudi production as countries seek closer ties japans toyota to look at saudi production as countries seek closer ties

 



GMT 07:02 2017 Monday ,27 November

Nissan GT-R/C races at Silverstone

GMT 10:06 2015 Saturday ,27 June

Chevrolet lifts lid on 2016 Camaro Convertible

GMT 18:51 2018 Friday ,26 October

Four Palestinians killed by Israeli gunfire

GMT 03:14 2016 Wednesday ,28 December

Kiir: National dialogue will end civil war in S. Sudan

GMT 03:07 2017 Monday ,19 June

Syrian army declares ceasefire in Deraa

GMT 09:00 2014 Tuesday ,02 December

Jewels no money can buy on show in Florence

GMT 18:59 2017 Friday ,08 December

Morocco summons UNSC permanent members' envoys

GMT 10:00 2017 Thursday ,06 April

We are trying to re-raise Egyptian cotton value

GMT 21:43 2017 Tuesday ,07 March

Singer George Michael died of natural causes

GMT 21:57 2016 Wednesday ,23 November

Trump taps South Carolina Nikki Haley for UN ambassador

GMT 15:50 2017 Thursday ,21 September

Russia agrees to accept court ruling

GMT 00:20 2016 Sunday ,11 December

Bahrain deplores suicide blast in Egypt

GMT 00:53 2016 Sunday ,13 November

Trial of 494 MB members over Ramsis clashes adjourned
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday