Cyprus and Saudi Arabia sign memorandum on energy cooperation

A memorandum of cooperation between Cyprus and Saudia Arabia was signed by Energy Minister Michael Damianos and his Saudi Arabian counterpart Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud in Riyadh on Monday. According to the energy ministry, the memorandum defines the framework for cooperation between both countries in key energy sectors including oil, natural gas, renewable energy resources (RES), electrical interconnections and digital transformation. Additionally, it foresees the development of related products, services and supply chains, as well as the promotion of synergies between governments and energy companies. The memorandum is set to be implemented through the exchange of information and know-how, as well as the organisation of joint actions. To coordinate and monitor the implementation, a joint technical group is to be established which will examine cooperation possibilities and promote the implementation of agreed actions. The signing of the memorandum took place in the context of Damianos’ working visit to Riyadh on the occasion of energy week.