Cyprus and Saudi Arabia to sign energy cooperation memorandum

Cyprus and Saudi Arabia will sign a memorandum of cooperation in the energy sector on Monday, when Energy Minister Michael Damianos meets his Saudi counterpart, Prince Abdulaziz bin Salman, in Riyadh, the ministry said on Friday. Damianos, travelling to the Saudi capital on Saturday for Riyadh Energy Week, said the signing “marks the further deepening of energy cooperation” between the two countries and “lays the foundations” for the exchange of know-how on matters of common energy interest. On Sunday, Damianos will also meet Lebanese Energy Minister Joseph Sadi and the forum’s secretary general, Jassim Alsirawi. After the signing on Monday, he will meet Jordan’s Energy Minister Saleh al-Harabsheh. He will later speak on a panel at the 25th World Energy Congress on balancing energy security and environmental sustainability, before returning to Cyprus on Tuesday evening. The memorandum builds on earlier contacts, for during a visit to Riyadh by then president Nicos Anastasiades, the two countries agreed to discuss cooperation in petrochemicals and electricity, while also agreeing to work on localising energy products and supply chains. Nicosia has also been deepening energy ties elsewhere in the Gulf; in January, Foreign Minister Constantinos Kombos signed a memorandum with his Emirati counterpart, Sheikh Abdullah bin Zayed, in Abu Dhabi to establish a comprehensive strategic partnership in energy. The agreement followed a visit to Cyprus by Emirati President Sheikh Mohamed bin Zayed in December last year. Last October, Kombos also signed a memorandum with the Gulf Cooperation Council’s secretary general on regular consultations and political dialogue. The Riyadh visit comes as Cyprus works to develop its own offshore gas resources. Talks with Israel on the cross-border Aphrodite reservoir are due to resume next week, and the government expects a final investment decision on Block 12 next year.