RIYADH: Saudi Energy Minister Prince Abdulaziz bin Salman signed three memoranda of understanding with his counterparts from Kuwait, Qatar and Egypt on Sunday to strengthen energy cooperation, the Saudi Press Agency reported.
The agreements cover electricity, renewable energy, oil and gas, petrochemicals, energy storage, infrastructure development and investment, with provisions for technology exchange, supply-chain resilience and joint projects.
Under the agreement with Kuwait, Prince Abdulaziz and Minister of Electricity, Water and Renewable Energy Subaih Abdulaziz Abdulmohsen Al-Mukhaizeem established a framework for cooperation in electricity, renewable energy, electrical interconnection, power exports, energy efficiency, storage and smart grids.
The memorandum also covers digital transformation, innovation, cybersecurity and artificial intelligence. It seeks to promote the localization of related materials, products and services, strengthen cooperation between specialized companies, and advance climate-mitigation technologies, including circular carbon economy solutions.
The agreement with Qatar, signed by Prince Abdulaziz and Minister of State for Energy Affairs Saad bin Sherida Al-Kaabi, covers petroleum, natural gas, refining, petrochemicals, electricity, clean hydrogen, renewable energy, energy efficiency and storage.
It also provides for exploring joint ventures to develop oil and gas export pipelines and promote the use of sustainable petrochemical products in construction and other sectors.
The two countries will coordinate on international energy-transition and climate issues, including negotiations under the UN Framework Convention on Climate Change, the Paris Agreement and efforts to establish an international treaty on plastic pollution.
The memorandum with Egypt, signed by Prince Abdulaziz and Minister of Petroleum and Mineral Resources Karim Badawi, focuses on crude oil, petroleum products and natural gas, including trade, transportation, storage, distribution, infrastructure and logistics.
It aims to strengthen energy-market integration, improve supply-chain resilience and enhance energy security on a commercial basis and in accordance with the laws of both countries.
The agreement also provides for sharing Saudi expertise in upgrading and operating fuel stations, promoting competition in Egypt’s liquefied petroleum gas sector, and expanding cooperation in petrochemicals and investment in existing and planned projects.