PH, Saudi Arabia eye agreements on renewable energy, natural gas
By Alena Mae S. Flores – October 14, 2024, 8:30 pm
from manilastandard.net
The Philippines and Saudi Arabia are set to sign a memorandum of understanding (MOU) that provides a framework for cooperation on renewable energy, natural gas, and related technologies and solutions for climate change mitigation.
The Philippines is embarking on an energy mission to Saudi Arabia on Oct. 14 to 15, 2024 to enhance energy security, drive economic growth and foster sustainable development. The mission, led by the Department of Energy (DOE), underscores the Philippines’ commitment to strengthening international energy partnerships and attaining a diversified and sustainable energy system.
The MOU, a major highlight of the mission, is expected to be signed by the DOE with the Ministry of Energy of Saudi Arabia, headed by His Royal Highness Abdulaziz bin Salam Al Saud.
Energy Secretary Raphael Lotilla emphasized the significance of the MOU, which follows through on President Ferdinand Marcos Jr.’s visit in October last year when Saudi state-owned companies expressed interest in investing in the Philippine energy sector.
Marcos attended the Association of Southeast Asian Nations-Gulf Cooperation Council Summit in Saudi Arabia in October 2023, where he highlighted the need for cooperation in energy and other areas such as food security, logistics, supply chains, digital transformation, the free flow of goods, people and services.
An MOU was initiated during Lotilla’s previous stint as Energy secretary in 2005. “After 19 years, I am pleased to see the successful conclusion of our negotiations,” Lotilla said, acknowledging the hard work and dedication shown by both parties.
The MOU also reflects the Philippines’ proactive approach in showcasing the country’s commitment towards a clean energy future.
Lotilla said the partnership with Saudi Arabia extends beyond addressing the current energy needs. As global efforts to transition to cleaner and more sustainable energy sources intensify, the Philippines and Saudi Arabia could cooperate in the development and deployment of low-carbon technologies. These could include joint research and development projects, policy exchange, and capacity building in areas such as carbon capture, utilization and storage (CCUS) and hydrogen.
