PHL, Saudi Arabia sign RE, natural gas deal  --[Reported by Umva mag]

THE Department of Energy (DoE) is exploring a partnership with Saudi Arabia to collaborate in renewable energy (RE) and natural gas.

In a statement on Monday, the DoE said it has kicked off its energy mission in Saudi Arabia by forging a memorandum of understanding (MoU) with Saudi Energy Minister Abdulaziz bin Salam Al Saud.

“The MoU will provide a framework for cooperation on key areas, such as renewable energy, natural gas, as well as relevant technologies and solutions related to climate change mitigation,” the DoE said.

The energy mission follows the participation of President Ferdinand R. Marcos, Jr. in the first-ever Association of Southeast Asian Nations-Gulf Cooperation Council Summit in Saudi Arabia in October 2023.

The DoE said Saudi state-owned companies expressed interest at that time in investing in the Philippine energy industry.

The MoU was first initiated by Energy Secretary Raphael P.M. Lotilla during his first stint as Energy Secretary in 2005, the department said.

“After 19 years, I am pleased to see the successful conclusion of our negotiations,” Mr. Lotilla said.

Aside from addressing the current power needs, the DoE said that the Philippines and Saudi Arabia can cooperate in the development and deployment of low-carbon technologies.

“This could include joint research and development projects, policy exchange, and capacity building in areas such as carbon capture, utilization, and storage (CCUS), and hydrogen,” the DoE said.

Saudi Arabia controls around 17% of the world’s proven petroleum reserves, according to the Organization of the Petroleum Exporting Countries (OPEC).

During the first half of 2023, the Philippines imported 3,476 million liters of crude oil, the DoE said, with 50.2% shipped from Saudi Arabia.

Saudi Arabia’s other resources include natural gas, iron ore, gold, and copper, according to OPEC.

“This mission underscores the country’s energy diplomacy efforts in pursuit of achieving energy security,” the DoE said. — Sheldeen Joy Talavera

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