Cyprus and Saudi Arabia to sign energy cooperation memorandum in Riyadh

Riyadh, Saudi Arabia. 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, the ministry said on Friday.

Energy cooperation and ministerial meetings

Damianos will travel to the Saudi capital on Saturday for Riyadh Energy Week. He said the signing “marks the further deepening of energy cooperation” between the two countries and “lays the foundations” for exchanging know-how on matters of common energy interest.

On Sunday, he will meet Lebanese Energy Minister Joseph Sadi and the forum’s secretary general, Jassim Alsirawi.

After Monday’s signing, Damianos 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.

Earlier agreements and Gulf ties

The memorandum builds on earlier contacts. During a visit to Riyadh by then president Nicos Anastasiades, the two countries agreed to discuss cooperation in petrochemicals and electricity and to work on localising energy products and supply chains.

Cyprus 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.

That 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.

Offshore gas development

The Riyadh visit comes as Cyprus works to develop its 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.