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.
