Aziz in 2005. During a visit to the Kingdom in 2003, Former Japanese Foreign minister Yohi Kono termed Japan's diplomacy of as a mission in encouraging dialogues with the Islamic World, bringing about water resources development and engaging in diversified political talks. The first economic cooperation started in 1957 when the Arabian-Japanese oil company was franchised for Oil exploration works in coastal areas in a buffer zone between Saudi Arabia and Kuwait for a period of 40 years. The franchise ended in 2000. In 1975, the two countries signed an economic and technical energy agreement which led to the 15 per cent ownership by Saudi ARAMCO of Showa Shell company that facilitated 300,000 barrels of Saudi oil to Japan. In 2005, a $8.5 Billion joint venture between Saudi ARAMCO and Japanese Sumitomo Chemicals emerged in order to develop an integrated refining and petrochemicals complex in the Red Sea town of Rabigh. In the sphere of Trade exchange, Japan is Saudi Arabia's second largest trading partner. The commercial exchange in 2006 reached an amount of $41.8 Billion. The trade balance is in favor of Saudi Arabia as it amounted to $14.8 billion. Saudi Arabia is the top oil exporter to Japan as it meets 30% of Japan's energy needs. Saudi Arabia, however is importing vehicles, heavy-duty machines and electronics. --MORE
