The signing of the Memorandum of Understanding for energy cooperation between the Energy Minister, Michael Damianos and the Minister of Energy of Saudi Arabia, Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, reflects “the depth of the relationship between our two countries,” the Ambassador of Saudi Arabia to Cyprus, H.E. Fawaz Alshubaili, said in a statement to CBN.
During the 25th WPC Energy Congress in Riyadh, the Ambassador explained that “the memorandum establishes a framework for cooperation in oil and gas and their derivatives, refining, petrochemicals, electricity, clean hydrogen and its derivatives, renewable energy, energy efficiency, energy storage, and technologies and solutions related to climate change mitigation, including Circular Carbon Economy technologies and solutions.”
Continuing, he said that the MoU also covers “cooperation in digital transformation and cybersecurity applications in the energy sector, as well as efforts to advance and support shared international policy priorities through relevant multilateral negotiations, including under the United Nations Framework Convention on Climate Change, the Paris Agreement and the international legally binding instrument on plastic pollution.”
The Ambassador added that the MoU further provides for cooperation on the development and use of sustainable petrochemical materials in construction and other sectors, the development of appropriate infrastructure to expand energy access, and cooperation between companies operating in energy-related fields.
“Minister Damianos’ visit to Riyadh to attend the 25th WPC Energy Congress during these critical times in the region constitutes a tangible expression of solidarity by the Republic of Cyprus towards Saudi Arabia amidst the terrorist attacks of the Houthi militia,” he said.
In his closing statements, the Ambassador said that “the Saudi leadership considers the Republic of Cyprus as a reliable bridge between Europe, the Eastern Mediterranean and the Gulf. In this context, the signing of the MoU reflects the depth of the relationship between our two countries, which are founded on sincerity, continuity, steady political coordination and the shared understanding that cooperation serves substantial and mutual interests.”
Energy Minister Damianou, on his part, said during the MoU signing ceremony in Saudi Arabia 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.
It also provides a 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.
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