RIYADH: THE Tanzanian government and the Royal Government of Saudi Arabia have signed a Memorandum of Understanding (MoU) to strengthen cooperation in the energy sector, including collaboration between oil, gas and electricity companies in the two countries.
The agreement was signed by Tanzania’s Minister for Energy, Dr Juma Zuberi Homera, and Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman Al Saud, on the sidelines of the 25th World Petroleum Congress (25th WPC Congress), currently taking place in Riyadh, Saudi Arabia.
Speaking after the signing ceremony, Dr Homera said the agreement had been made possible through effective collaboration between experts from both countries, working under the guidance and directives of their respective heads of state. He said the agreement would open a new chapter of cooperation in the energy sector, in which Saudi Arabia has made significant progress.
He outlined several areas of cooperation, including securing petroleum product supplies through commercial agreements, developing petroleum infrastructure for transportation and storage, and assessing opportunities arising from the liquefied natural gas (LNG) project.
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Other areas include exchanging skills and expertise in oil and gas exploration and development, as well as exploring opportunities to develop petrochemical industries that use oil and gas as raw materials.
The agreement also covers electricity and renewable energy, promoting energy efficiency, and sharing technologies and solutions to address climate change. These efforts will include clean cooking energy, carbon trading and exploring opportunities related to energy sustainability programmes.
Furthermore, the two countries will explore the application of artificial intelligence (AI) in the energy sector and advance digital transformation. The partnership will also promote capacity-building initiatives and the exchange of knowledge and experience across the energy sector.
The agreement is expected to provide a framework for Tanzania and Saudi Arabia to deepen cooperation, share technical expertise and explore investment opportunities across various areas of energy development.
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