RIYADH: Saudi Arabia has signed a memorandum of understanding with Indonesia to cooperate in energy fields in pursuit of their common aspirations, according to the Saudi Press Agency.
Signed on the sidelines of the G20 summit meetings currently being held in Bali, the MoU aims to enhance cooperation in the fields of oil and gas, electricity, and renewable energy.
The understanding will also encompass energy efficiency, clean hydrogen, the application of the circular carbon economy and its technologies to reduce the effects of climate change, digital transformation, innovation, cybersecurity, and artificial intelligence in the field of energy.
Cooperation will be achieved through exchanging information and experiences in areas related to the MoU, exchanging visits between experts and specialists, and organizing conferences, seminars, and working sessions.
It also entails conducting joint studies and working to develop qualitative partnerships between the two countries to localize materials, products and services, and supply chains and their technologies.
Saudi Arabia’s Crown Prince Mohammed bin Salman arrived in Indonesia on Tuesday to participate in the G20 summit as leaders gathered to discuss a number of issues facing the world, including the war in Ukraine, a global economic downturn, and food security, among other topics.
In September, Saudi Commerce Minister Majid Al-Qasabi met Indonesia’s Trade Minister Zulkifli Hasan on the sidelines of the G-20 trade, investment and industry working group meeting in Bali.
The two sides agreed on a road map, with periodic follow-ups, for boosting trade exchanges between the two countries, the Saudi Press Agency reported.
The ministers also discussed ways to enhance and support the business sector to aid the development of trade relations, and ways to take advantage of the opportunities available in the two countries and turn them into tangible partnerships.
In October, Indonesia was looking to exchange resources with Saudi Arabia to boost the production of electric vehicles and strengthen energy cooperation, a top Indonesian business leader revealed.
Speaking to Arab News on the sidelines of the Future Investment Initiative forum in Riyadh, Arsjad Rasjid, chairman of the Indonesian chamber of commerce, said the Southeast Asian country supplied more than 40 percent of the world’s nickel, heavily used in e-vehicle batteries, and had an array of energy facilities.
“This is where Saudi Arabia, with the capital and technology, and Indonesia can work together,” he added. “There is interconnectivity here on the level of electric vehicle ecosystems that can be synergized between Saudi and Indonesia.”