JEDDAH — Saudi Arabia and Türkiye have signed a memorandum of understanding (MoU) to encourage investment and cooperation in different fields in the energy sector. The MoU was signed by the Energy Minister Prince Abdulaziz Bin Salman and the Turkish Deputy Minister of Energy and Natural Resources Alparslan Bayraktar on the sidelines of the Turkish President Recep Tayyip Erdogan visit to Saudi Arabia and his meeting with the Crown Prince and Prime Minister Mohammed Bin Salman. The MoU will also enhance the partnership between the private and government sectors in Saudi Arabia and Türkiye. The memorandum of understanding includes cooperation in the field of petroleum and gas through the technical cooperation in the projects of this sector. This is in addition to the production, marketing, distribution and trade of refined petroleum products. The MoU includes cooperation in the production of petrochemicals, as well as in the field of sustainable demand for petroleum, and in the field of renewable energy and electricity. Moreover, it stresses exploring investment opportunities in the renewable energy, electrical interconnection between Saudi Arabia and Türkiye, exporting and supplying electricity, exchanging experiences in the fields of generation, transportation, distribution, smart networks. This is in addition to cooperation in the fields of energy efficiency and its projects in the two countries. The MoU includes enhancing the cooperation in the hydrogen field through research and development to increase its use. This is in addition to the cooperation in the field of circular carbon economy, and that via exchanging the knowledge about the applications related to it. Additionally, cooperating in the field of supply chains related to the energy field, through encouraging bilateral investments, and working on reaching the necessary materials to diversify products in the supply chains of the energy field. Saudi Arabia and Türkiye will also cooperate in strengthening digital transformation, innovation, cybersecurity apps, artificial intelligence in the energy sector, as well as cooperating in the field of using and applying the modern technologies in this fields, such as storage batteries.
