عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia, Philippines Sign Energy Cooperation Agreement

The agreement seeks to enhance cooperation in the fields of oil and gas, petrochemicals, electricity, renewable energy, energy efficiency, and circular carbon economy technologies. SPA
The agreement seeks to enhance cooperation in the fields of oil and gas, petrochemicals, electricity, renewable energy, energy efficiency, and circular carbon economy technologies. SPA
TT
TT

Saudi Arabia, Philippines Sign Energy Cooperation Agreement

The agreement seeks to enhance cooperation in the fields of oil and gas, petrochemicals, electricity, renewable energy, energy efficiency, and circular carbon economy technologies. SPA
The agreement seeks to enhance cooperation in the fields of oil and gas, petrochemicals, electricity, renewable energy, energy efficiency, and circular carbon economy technologies. SPA

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met with the Philippines Energy Secretary Raphael Lotilla and signed with him a memorandum of understanding (MoU).

During the meeting in Riyadh on Monday, the two sides discussed issues of common interest, investment opportunities, and cooperation in the field of petroleum and its supplies, renewable energy, and energy efficiency.

Following the meeting, the two ministers signed an MoU for cooperation in the field of energy. The agreement seeks to enhance cooperation in the fields of oil and gas, petrochemicals, electricity, renewable energy, energy efficiency, and circular carbon economy technologies aimed at reducing the effects of climate change, including Carbon Capture, Utilization, and Storage CCUS.

The MoU also aims at strengthening cooperation in digital transformation and innovation, cybersecurity, and AI.

The two sides emphasized the importance of developing partnerships to localize energy-related materials, products, and services, as well as using and developing sustainable polymer materials in different fields, including in the construction sector.

Most Viewed

 
 
Business

Indonesia, Singapore Sign Deals on Power Trade, Carbon Capture 

Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia speaks to the media during a press conference at the presidential palace in Jakarta, Indonesia, Tuesday, June 10, 2025. (AP) 
Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia speaks to the media during a press conference at the presidential palace in Jakarta, Indonesia, Tuesday, June 10, 2025. (AP) 
TT
TT

Indonesia, Singapore Sign Deals on Power Trade, Carbon Capture 

Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia speaks to the media during a press conference at the presidential palace in Jakarta, Indonesia, Tuesday, June 10, 2025. (AP) 
Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia speaks to the media during a press conference at the presidential palace in Jakarta, Indonesia, Tuesday, June 10, 2025. (AP) 

Indonesia and Singapore signed initial deals on Friday to develop cross-border trade in low carbon electricity and collaborate on carbon capture and storage, ministers from both countries said in Jakarta.

The electricity deal reaffirmed an earlier agreement to export solar power from Indonesia to Singapore, with a group of companies planning to build plants and grid infrastructure to generate and transmit the power.

The memorandum of understanding signed by the two countries says they will aim to draw up policies, regulatory frameworks and business arrangements that will enable Indonesian power to be delivered to Singapore.

Indonesia expects to export 3.4 gigawatts of low-carbon power by 2035, according to a presentation slide shown by Indonesia's energy minister Bahlil Lahadalia.

In another MoU, the two countries said they would look into drawing up a legally binding agreement for carbon capture and storage that would allow cross-border projects to go ahead.

If successful, it will be the first such project in Asia, said Singapore government minister Tan See Leng.

Energy firms BP, ExxonMobil, and Indonesia's state company Pertamina are already developing CCS projects in Indonesia.

With its depleted oil and gas reservoirs and saline aquifers capable of storing hundreds of gigatons of CO2, Indonesia has allowed CCS operators to set aside 30% of their storage capacity for carbon captured in other countries.

The two countries also signed a deal for the development of sustainable industrial zones on several Indonesian islands near Singapore, including Batam, Bintan and Karimun.

Bahlil said the deals could bring in more than $10 billion of investment from the manufacturing of solar panels, the development of CCS projects and potential investment in industrial estates.