Abe offers Saudi crown prince help in reducing oil dependency

OSAKA, June 30 (Reuters): Japanese Prime Minister Shinzo Abe on Sunday praised Saudi Arabia's efforts to reduce its dependence on oil and promised Crown Prince Mohammed bin Salman that Japan will help the kingdom with a sweeping reform plan.

"Saudi Arabia's 'Vision 2030' is an unprecedented major reform aimed at shifting away from dependence on oil and at diversifying industry, under your majesty's initiative," Abe told the crown prince at the beginning of a bilateral meeting after a summit of Group of 20 leaders in the city of Osaka.

"Japan will continue its utmost efforts by government and the private sector to help achieve its success," Abe said.

Riyadh announced the reform plan in 2016, with goals ranging from overhauling its state-owned Public Investment Fund to increasing visits of Muslim pilgrims and encouraging more Saudis to play sports.

Despite last October's murder of Saudi journalist Jamal Khashoggi at the hands of Saudi agents, big investors are pushing ahead with deals and pouring money back into its stock market as well as Vision 2030 projects that aim to diversify the economy of the world's top oil exporter and create jobs.

"Saudi wants to do the utmost to continue our old - but new - strong partnership with Japan," the crown prince told Abe through an interpreter.

Another report from Dubai adds: The United Arab Emirates' (UAE) energy minister said on Sunday he hoped for good and productive outcomes as he headed to attend a meeting of OPEC and its allies in Vienna, according to his official Twitter account.

"Confident the alliance will reach a decision that will restore oil market balance," Suhail bin Mohammed al-Mazroui tweeted.

Oil ministers from the Organisation of the Petroleum Exporting Countries meet on Monday in Vienna, followed by talks with non-OPEC oil producers on Tuesday.