Saudi Arabia, Philippines sign a cooperation agreement in the energy sector

It focuses on fostering cooperation in the circular carbon economy and related technology

Dubai: Saudi Arabia and the Philippines have reached a cooperation agreement in the energy sector following discussions between their energy ministries.

The agreement promotes collaboration in various areas, including petroleum, petrochemicals, gas, electricity, renewable energy, and energy efficiency.

During a meeting in Riyadh on Monday, Abdul Aziz Bin Salman, the Saudi minister of energy, and Rafael Lotilla, the Philippines' energy secretary, addressed mutual interests and explored investment opportunities in petroleum supplies, renewable energy, and energy efficiency.

The agreement focuses on fostering cooperation in the circular carbon economy and related technologies, with an emphasis on initiatives to combat climate change, such as carbon capture, reuse, transport, and storage.

Saudi Arabia aims to generate 50 per cent of its energy from renewable sources by 2030.

It highlights the need for enhanced collaboration in digital transformation, innovation, cybersecurity, and artificial intelligence.

Both parties underscored the significance of developing partnerships to localise materials, products, and services across all energy sectors, as well as promoting the use and development of sustainable polymeric materials in construction and other industries.