Cyprus and Saudi Arabia sign energy memorandum — Cyprus Mail

Cyprus and Saudi Arabia signed a memorandum on cooperation in the energy sector in Riyadh. The document was signed by Cyprus’ Energy Minister Michael Damianos and his Saudi counterpart, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, during the Cypriot minister’s working visit to the Saudi capital.

Areas of cooperation

As Cyprus Mail reports, the memorandum establishes a framework for interaction between the two countries in the fields of oil, natural gas, renewable energy sources, electrical interconnections and digital transformation.

The document also provides for the development of related products, services and supply chains, as well as facilitating interaction between the governments and energy companies of the two countries.

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Technical coordination

The memorandum is planned to be implemented through the exchange of information and know-how, as well as joint activities. To coordinate and monitor the implementation of the agreements, the parties are to establish a joint technical group. It will consider opportunities for cooperation and facilitate the implementation of agreed actions.

The signing took place during Damianos’ visit to Riyadh on the occasion of Energy Week.