Riyadh:Cyprus and Saudi Arabia have signed a Memorandum of Understanding (MoU) on energy cooperation. The agreement was signed 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 bilateral cooperation in key energy sectors, including oil, natural gas, electricity, renewable energy sources, energy efficiency, and petrochemicals. It also covers areas such as electrical interconnections, clean hydrogen production, circular carbon economy, digital transformation, and innovation.

The agreement includes the development of relevant products, services, and supply chains, and aims to promote synergies between governments and energy companies. The cooperation will be facilitated through information exchange, joint initiatives, and the exploration of joint project opportunities.

A Joint Technical Team will be established to coordinate and monitor the implementation of the MoU, examining opportunities for cooperation and advancing agreed-upon actions. Michalis Damianos stated that this Memorandum reflects the commitment of both countries to elevate their cooperation to a strategic level, laying the groundwork for a long-term partnership based on mutual interests and aspirations.

During his working visit to Riyadh, which coincided with Energy Week, Damianos also held bilateral meetings with various officials. These included discussions with the Secretary General of the International Energy Forum, Jassim Alshirawi, and Jordan's Minister of Energy and Mineral Resources, Dr. Saleh Al-Kharabsheh.

Damianos participated in the 17th Ministerial Meeting of the International Energy Forum, focusing on investment in sustainable energy solutions. He also spoke at the 25th World Energy Congress, addressing Cyprus’s energy challenges and outlining the government's energy policy directions, such as emphasis on renewable energy, energy storage, and market reform.

He highlighted the importance of green energy benefits, cost reduction, and supply security, stressing that energy security, affordability, and environmental sustainability are interconnected priorities. Damianos underscored the critical role of investments, international cooperation, and access to technology in achieving a reliable and affordable energy transition.