ENEOS and Idemitsu Kosan partner with Aramco on synthetic fuel
Japanese energy companies ENEOS Corporation, led by President Saito Takeshi, and Idemitsu Kosan Co., Ltd., under the leadership of CEO Kito Shunichi, have entered into a memorandum of understanding (MoU) with the Saudi Arabian Oil Company (Aramco), headed by President and CEO Amin H. Nasser. Their collaboration focuses on the development and promotion of synthetic fuels. The agreement was formalised with representatives from both the Japanese and Saudi Arabian governments in attendance.
ENEOS is committed to its long-term vision of ensuring a consistent energy supply while aiming for a carbon-neutral society. A significant part of this vision involves pioneering businesses centered around carbon-neutral fuels, such as synthetic fuels. These efforts are geared towards leading the energy transition and sustaining Japan’s energy supply in a carbon-conscious world.
Synthetic fuels are emerging as a promising solution in the fight against climate change. These low-carbon fuels have the potential to significantly reduce CO2 emissions throughout their lifecycle. This is primarily because they are produced using renewable hydrogen and captured carbon dioxide (CO2). Their liquid form ensures compatibility with existing infrastructure, making them a versatile option for various industries.
Japan heavily relies on Saudi Arabia for its crude oil needs, importing over a third of its annual crude oil consumption from the country. ENEOS aims to fortify its ties with Aramco and is keen on exploring further collaborations in next-generation fuels. Such partnerships are pivotal in advancing towards a carbon-neutral future.