Oman and Saudi Arabia sign understanding in energy field
The Sultanate of Oman, represented by the Ministry of Energy and Minerals, and the Kingdom of Saudi Arabia (KSA), represented by the Ministry of Energy, today signed a Memorandum of Understanding (MoU) in the field of energy.
The signing took place on the sidelines of the Conference of Parties to the United Nations Framework Convention on Climate Change for 2022 (COP27), hosted by Egypt and lasting from November 6th to 18th. It was signed by Engineer Salem Nasser Al Aufi, Minister of Energy and Minerals and Prince Abdulaziz Salman Al Saud, KSA Minister of Energy.
The MoU aims to establish a framework for cooperation between the two parties in the field of energy. It encourages cooperation in various areas such as oil, gas, renewable energy, electricity, energy efficiency and petrochemicals.
It also encourages cooperation in the fields of the circular carbon economy and its technologies to reduce the effects of climate change. This includes carbon capture, reuse, transport and storage.
The MoU also encourages cooperation in the field of hydrogen, promoting digital transformation and innovation in the field of energy while developing standards to promote the use of sustainable non-metallic materials instead of traditional materials. It also aims to strengthen cooperation with companies specialised in the field of energy, as well as developing qualitative partnerships between the two sides with regard to the localisation of materials, products and services related to all sectors of energy, supply chains and technologies.
The MoU allows the two parties to add other areas of cooperation through diplomatic channels.
This is an unofficial English translation of the original Arabic text. To view the official Arabic text, click here.