HRH Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy, held a meeting today in Riyadh with HE Raphael Lotilla, Secretary of Energy of the Philippines, to discuss issues of common interest and investment and cooperation opportunities in the field of oil and its supplies, renewable energy, and energy efficiency.
Following the meeting, the two ministers signed a memorandum of understanding (MoU) to enhance cooperation between the two countries in the field of energy, which includes oil and gas, petrochemicals, electricity, renewable energy, energy efficiency, and circular carbon economy technologies aimed at reducing the impact of climate change, including carbon capture, utilization and storage (CCUS).
The MoU aims also at fostering cooperation in digital transformation and innovation, cybersecurity, and artificial intelligence. The two sides emphasized the importance of building partnerships to localize materials, products, and services related to all energy sectors, as well as using and developing sustainable polymeric materials in construction and other sectors.
