Saudi Arabia and Philippines Sign first energy cooperation agreement

Saudi Arabia and the Philippines have entered into their inaugural agreement on energy collaboration, representing a significant advancement in their bilateral ties and backing Saudi Arabia's efforts towards sustainability.

The agreement signed in Riyadh by Saudi Energy Minister Prince Abdulaziz bin Salman and Southeast Asia's Energy Secretary Raphael Lotilla aims to create a comprehensive framework for cooperation in different energy fields.

The deal includes important sectors like oil, gas, refining, petrochemicals, electricity, renewable energy, and energy storage solutions. Both countries are dedicated to improving energy efficiency efforts as a key component of their shared goal for a sustainable future. Saudi Arabia plans to produce half of its energy from renewable sources by 2030.

“The MoU as a framework covers many areas; in fact, the entire scope of the energy transition. Our ambitions are not at the same levels; we are a bit behind because it’s 50 percent by 2040, so we have much to learn from Saudi Arabia,” he said. 

The official added: “Our president was always impressed with the fact that even if Saudi Arabia is, right now, the leader in terms of fossil fuel production, it has a progressive outlook and is looking at the transition that would benefit not only itself but also the planet.”