Cyprus and Saudi Arabia sign memorandum on energy cooperation
An energy cooperation memorandum signed in Riyadh covers oil, natural gas, renewables, electrical interconnections and digital transformation.
Riyadh, Saudi Arabia. Cyprus and Saudi Arabia signed an energy cooperation memorandum on Monday, with Energy Minister Michael Damianos and Saudi counterpart Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud signing the document.
Scope of cooperation
The energy ministry said the memorandum establishes a framework for the two countries to cooperate on oil and natural gas, alongside renewable energy resources (RES), electrical interconnections and digital transformation.
According to the ministry, it also provides for developing associated products, services and supply chains, while encouraging collaboration between governments and energy companies.
Implementation and oversight
The ministry said implementation would involve sharing information and know-how and organising joint activities. A joint technical group will be formed to oversee and coordinate the process, assess opportunities for cooperation and advance agreed measures.
Damianos signed the memorandum during a working visit to Riyadh for energy week.
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