Saudi Arabia and Philippines Sign Cooperation Agreement in Energy Sector
Saudi Arabia and the Philippines have signed an energy cooperation agreement to collaborate on petroleum, gas, renewable energy, and energy efficiency. The partnership also focuses on carbon capture, digital transformation, and localising materials for sustainable energy development.
October 16, 2024. By EI News Network
The meeting was attended by Saudi Arabia's Minister of Energy, Prince Abdulaziz Bin Salman, and the Philippines' Secretary of Energy, Rafael Lotilla. Both leaders emphasised mutual interests and explored potential investment opportunities, particularly in petroleum supplies, renewable energy development, and strategies to enhance energy efficiency.
A key aspect of the agreement is its focus on advancing the circular carbon economy and related technologies, which include carbon capture, reuse, transportation, and storage. This initiative aims to mitigate the effects of climate change, aligning with global sustainability goals. Saudi Arabia, under its Vision 2030 framework, has set an ambitious target of generating 50 percent of its energy from renewable sources by the end of the decade, making such partnerships critical to its green transition.
Additionally, both parties recognised the importance of fostering cooperation in digital transformation, innovation, cybersecurity, and artificial intelligence (AI) within the energy sector. The agreement also encourages the development of partnerships aimed at localising materials, products, and services across all energy industries, while promoting the use and development of sustainable polymeric materials in construction and other sectors. This agreement marks a significant step in strengthening bilateral ties between Saudi Arabia and the Philippines in the realm of energy and sustainability.
please contact: contact@energetica-india.net.
Ragavendra Ravichandran
Co-Founder
Plugzmart Addressing EV Charging Bottlenecks in India with Smart Chargers
Prashant Singh
Co-Founder and CEO
Exploring E-Waste-to-Energy: Promising Technologies for Sustainable Power Generation
Manjula Girish
Business Head, EV Charging and Photovoltaic Inverter Division
Driving Sustainability: Delta Electronics' Vision for Renewable Energy and EV Charging
Dhiman Roy
CEO and Director
Breaking Barriers in Green Hydrogen: GreenH Electrolysis’ Vision for Industrial Decarbonisation
Nilabh Jha
Chief Technology Officer
Greenway Mobility Ensuring Affordable and Reliable EVs with its Buyback and Warranty Programs