Home World Cooperations in Energy Fields: Saudi Arabia, Indonesia Signs MoU

Cooperations in Energy Fields: Saudi Arabia, Indonesia Signs MoU

A Memorandum of Understanding (MoU) has been inked between Saudi Arabia and Indonesia to cooperate in the energy fields in order to achieve their common interests and aspirations, according to the Saudi Press Agency. The government of Saudi Arabia, which is represented by the Minister of Energy, Prince Abdulaziz Bin Salman, and the government of Indonesia, represented by the Minister of Energy and Mineral Resources, Arifin Tasrif, signed the MoU on the sidelines of the G20 summit meetings in Bali.

The MoU adheres to ameliorating cooperation in the fields of oil and gas, electricity, energy efficiency, renewable energy, clean hydrogen, the application of the circular carbon economy and its technologies to alleviate the effects of climate change, innovation, digital transformation, cybersecurity, and artificial intelligence in the field of energy.

Through exchanging information and experiences in the domains related to the MoU and exchanging visits between specialists and experts while organizing conferences, working sessions, and seminars, cooperation will be achieved. Further, it entails conducting joint studies and working to develop a qualitative partnership between the two nations in order to localize products and services, materials, supply chains, and technologies in all sectors. It aims to enhance cooperation between energy companies in Saudi Arabia and Indonesia.

The crown prince of Saudi Arabia, Mohammed Bin Salman, arrived in Indonesia to participate in the G20 summit that was held in Bali recently. The leaders of the world gathered to discuss the issues that the world is facing, including the war in Ukraine, food security, and the global economic downturn, among other topics in which the Crown Prince participated.

In September of this year, Saudi Arabia’s Commerce Minister Majid Al-Qasabi met with the Trade Minister of Indonesia, Zulkifli Hasan, on the sidelines of the G-20 trade, industry, and investment working group meeting, which was held in Bali. The two sides agreed on a road map with periodic follow-ups to boost the trade exchanges between the two nations, according to the Saudi Arabia Press Agency. The ministers also discussed ways to upgrade and support the business sector to aid in the development of trade relations and various ways to take advantage of the opportunities that are available in the two countries and turn them into substantial partnerships.

According to a top Indonesian business leader, Indonesia was looking to exchange resources with Saudi Arabia to enhance the production of electric vehicles and substantiate the energy cooperation in October this year.

Speaking to the Arab News on the sidelines of the Future Investment Initiatives Forum in Riyadh, the chairman of the Indonesian Chamber of Commerce, Arsjad Rasjid, said that the Southeast Asian country supplied more than 40 percent of the nickel in the world, which is used heavily in e-vehicle batteries and had an array of energy facilities. He added that in this sphere, Saudi Arabia, with its capital and technology, and Indonesia can work in collaboration.