Riyadh:Cyprus and Saudi Arabia have signed a Memorandum of Understanding (MoU) to enhance cooperation in the energy sector. This agreement was formalized by Cyprus's Minister of Energy, Commerce and Industry, Michalis Damianos, and Saudi Arabia's Minister of Energy, Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud.

According to Cyprus News Agency, the MoU establishes a framework for collaboration in key energy areas, including oil, natural gas, electricity, renewable energy sources, energy efficiency, petrochemicals, electrical interconnections, clean hydrogen production, circular carbon economy, digital transformation, and innovation. It aims to develop products, services, and supply chains while promoting synergies between the governments and energy companies.

The cooperation will involve exchanging information and expertise, organizing joint initiatives, and exploring joint project opportunities. A Joint Technical Team will be set up to coordinate and monitor the MoU's implementation, ensuring the execution of agreed-upon actions.

Minister Damianos remarked that the Memorandum reflects a shared commitment to elevate cooperation to a strategic level, laying the groundwork for a long-term partnership based on mutual interests and aspirations. The signing occurred during Damianos's working visit to Riyadh, coinciding with Energy Week.

In addition to the MoU, Minister Damianos engaged in bilateral meetings with officials, such as the Secretary General of the International Energy Forum, Jassim Alshirawi, and Jordan's Minister of Energy and Mineral Resources, Dr. Saleh Al-Kharabsheh, discussing mutual interests.

During the 17th Ministerial Meeting of the International Energy Forum, Damianos focused on investment and trade in sustainable energy solutions. At the 25th World Energy Congress, he addressed Cyprus's energy challenges, emphasizing renewable energy, energy storage, and market reforms to reduce fossil fuel reliance and enhance energy security and affordability. Damianos stressed that energy security, affordability, and environmental sustainability should be pursued in a coordinated manner, considering each country's specific needs.