Saudi energy minister signs MoUs with counterparts in Kuwait, Qatar and Egypt

Saudi Minister of Energy and Minister of Industry and Mineral Resources Abdulaziz bin Salman signed three memorandums of understanding with the energy ministers of Kuwait, Qatar, and Egypt to enhance cooperation across various energy sectors.

Today, he signed an MoU with Kuwait’s Minister of Electricity, Water and Renewable Energy, Dr. Subaih Abdulaziz Abdulmohsen Al-Mukhayzim, to cooperate in the fields of electricity and renewable energy.

The agreement aims to establish a framework for cooperation between the two countries in electricity, renewable energy, electrical interconnection, electricity exports, energy efficiency, energy storage, and smart grids. It also covers related areas such as digital transformation, innovation, cybersecurity, artificial intelligence, and developing strategic partnerships between institutions in both countries. The goal is to localize materials, products, and services related to these energy sectors and foster collaboration between specialized companies. The MoU also includes cooperation on technologies and solutions to mitigate climate change, including carbon circular economy solutions and technologies.

Abdulaziz bin Salman also signed an MoU with Qatar’s Minister of State for Energy Affairs, Saad bin Sherida Al-Kaabi, to cooperate in the energy sector.

This agreement sets a framework for cooperation between the two countries in petroleum and its derivatives, gas and its derivatives, refining, petrochemicals, electricity, clean hydrogen and its derivatives, renewable energy, energy efficiency, energy storage, and exploring joint opportunities to establish pipelines for transporting and exporting oil and gas. It also covers the use and development of sustainable petrochemical materials in construction and other sectors, as well as cooperation in developing infrastructure to improve energy access.

The MoU also includes collaboration in negotiations and participation in international forums and organizations related to energy transitions and climate change, including the UN Framework Convention on Climate Change, the Paris Agreement, and the Intergovernmental Negotiating Committee on a legally binding instrument on plastic pollution, among others.

Additionally, Abdulaziz bin Salman signed an MoU with Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, to cooperate in the fields of petroleum and gas and their derivatives. The agreement aims to establish a framework for cooperation in crude oil, petroleum products, and natural gas, including trading, handling, transporting, storing, distributing, and developing related infrastructure and logistics services.

This cooperation seeks to support the integration of energy markets, enhance the flexibility and reliability of supply chains, bolster energy security, and meet the needs of local, regional, and international markets, in accordance with the regulations and laws in both countries and on a commercial basis that serves mutual interests.

The MoU also includes sharing Saudi Arabia’s experience and best practices in the fuel station qualification program, service center operations, and maintenance, as well as its experience in opening competition in the liquefied petroleum gas sector. It aims to strengthen cooperation in petrochemicals and investment in ongoing and planned projects.