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Saudi Arabia and Philippines sign energy cooperation agreement

RIYADH — Saudi Arabia and the Philippines have signed an agreement for cooperation in the field of energy following a meeting between the countries' two energy ministries.

The agreement encourages collaboration in the areas of petroleum, petrochemicals, gas, electricity, renewable energy, and energy efficiency.

Prince Abdulaziz bin Salman, Minister of Energy, met with the Philippines' Energy Secretary Rafael Lotilla on Monday in Riyadh. They discussed issues of mutual interest and explored investment opportunities in petroleum supplies, renewable energy, and energy efficiency.

The agreement also aims to develop cooperation in the circular carbon economy and related technologies, focusing on mitigating the effects of climate change through initiatives such as carbon capture, reuse, transport, and storage.

Additionally, the agreement emphasizes enhancing cooperation in digital transformation, innovation, cybersecurity, and artificial intelligence.

Both parties highlighted the importance of developing partnerships to localize materials, products, and services across all energy sectors, as well as the use and development of sustainable polymeric materials in construction and other industries.