RIYADH — Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman signed three memoranda of understanding (MoUs) with ministers from Kuwait, Qatar and Egypt, expanding cooperation across a broad range of energy fields.
Prince Abdulaziz signed a MoU on electricity and renewable
energy cooperation with Kuwait’s Minister of Electricity, Water and Renewable Energy Dr. Subaih Abdulaziz Abdulmohsen Al-Mukhizim. The MoU establishes a framework for cooperation between Saudi Arabia and Kuwait in electricity, renewable energy, power grid interconnection and electricity exports, as well as energy efficiency, energy storage and smart grids. It also covers related areas including digital transformation, innovation, cybersecurity and artificial intelligence.
The two countries will also work to develop strategic partnerships between their institutions, localize energy-related materials, products and services, and strengthen cooperation between companies operating in these fields. The MoU further provides for cooperation on technologies and solutions related to climate change mitigation, including Circular Carbon Economy technologies and solutions.
Prince Abdulaziz also signed a MoU on energy cooperation with Qatar’s Minister of State for Energy Affairs Eng. Saad bin Sherida Al-Kaabi. The MoU establishes a framework for cooperation between Saudi Arabia and Qatar across oil and petroleum products, gas and its derivatives, refining, petrochemicals, electricity, clean hydrogen and its derivatives, renewable energy, energy efficiency and energy storage.
It also provides for the two countries to explore opportunities for joint projects involving pipelines for the transportation and export of oil and gas; the development and use of sustainable petrochemical materials in construction and other sectors; and cooperation on infrastructure to support access to energy.
The MoU also covers cooperation in international negotiations, forums and organizations addressing energy transitions and climate change, including the United Nations Framework Convention on Climate Change, the Paris Agreement and the Intergovernmental Negotiating Committee tasked with developing an international legally binding instrument on plastic pollution, among others.
Prince Abdulaziz also signed a MoU with Egypt’s Minister of Petroleum and Mineral Resources Eng. Karim Badawi on cooperation in oil, gas and their derivatives. The MoU establishes a framework for Saudi-Egyptian cooperation in crude oil, petroleum products and natural gas, including their trade, handling, transportation, storage and distribution, as well as the development of related infrastructure and logistics.
The cooperation will strengthen energy market integration and supply chain resilience and reliability, enhance energy security, and help meet demand across domestic, regional and international markets. Activities will be carried out in accordance with the laws and regulations of both countries and on commercial terms that advance their mutual interests.
The agreement also covers the exchange of Saudi expertise in fuel station and service center qualification, operation and maintenance, as well as the Kingdom’s experience in opening the liquefied petroleum gas sector to competition. It also expands cooperation in petrochemicals and investment in ongoing and planned projects.
Source: Saudi Gazette