Cyprus and Saudi Arabia have signed a Memorandum of Understanding on energy cooperation. The MoU signed by the Minister of Energy, Commerce and Industry, Michalis Damianos and the Minister of Energy of Saudi Arabia, Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud.
A press release by the Ministry says the MoU establishes a framework for bilateral cooperation in key energy sectors, such as oil, natural gas, electricity, renewable energy sources (RES), energy efficiency, petrochemicals, electrical interconnections, clean hydrogen production, circular carbon economy, digital transformation and innovation.
It also provides for the development of relevant products, services and supply chains, as well as the promotion of synergies between governments and energy companies.
The cooperation will be implemented through, among other things, the exchange of information and expertise, the organisation of joint initiatives and the exploration of opportunities for joint projects.
The Ministry also said that the Memorandum provides for the establishment of a Joint Technical Team to coordinate and monitor its implementation. The team will examine opportunities for cooperation and advance the execution of agreed-upon actions.
The Cyprus Minister stated that the Memorandum reflects the two countries' shared commitment to elevating their cooperation to a new strategic level and lays the groundwork for a long-term partnership based on mutual interests and shared aspirations.
The Memorandum was signed during the Minister’s working visit to Riyadh, which took place in the context of Energy Week.
Bilateral meetings and panel interventions
Damianos held bilateral meetings with his counterparts and other officials, including the Secretary General of the International Energy Forum, Jassim Alshirawi and Jordan’s Minister of Energy and Mineral Resources, Dr. Saleh Al-Kharabsheh on issues of mutual interest.
On Sunday, the Minister participated in a discussion at the 17th Ministerial Meeting of the International Energy Forum (IEF17), focusing on investment and trade in sustainable energy solutions for clean, accessible and affordable energy.
Today he was a speaker at a panel at the 25th World Energy Congress (WPC Energy Congress). In his remarks, the Minister addressed the challenges Cyprus faces as the only EU member state without an electricity interconnection and with a high reliance on fossil fuels for power generation.
He outlined the Government's key energy policy directions, emphasising renewable energy sources, energy storage, flexible grids, energy efficiency, electricity market reform and regional interconnections.
Damianos said that the goal is to maximise the benefits of green energy, reduce costs and enhance security of supply. He also highlighted the importance of investments, international cooperation and access to technology and know-how for an energy transition that ensures reliable and affordable energy.
The Minister further noted that energy security, affordability and environmental sustainability are not competing goals, but rather interconnected priorities that must be pursued in a coordinated manner, taking into account the specific circumstances and needs of each country.
(Source: CNA)
