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Joint Statement on Energy Cooperation between the Kingdom of Saudi Arabia and the Republic of Uzbekistan

General News

2024-11-05

Riyadh, SPA: HRH Prince Abdulaziz Bin Salman, the Kingdom’s Minister of Energy met today with H.E. Mr. Jurabek Mirzamahmudov, Minister of Energy of the Republic of Uzbekistan, and issued the following Joint Statement: "The Government of the Kingdom of Saudi Arabia and the Government of the Republic of Uzbekistan recognize that energy constitutes a fundamental aspect of their long-term bilateral partnership. Both countries agreed on the importance of stabilizing global energy markets, and the Republic of Uzbekistan welcomed Saudi Arabia's role in supporting the stability of the global oil market, which serves the interests of both producing and consuming countries and achieves sustainable economic growth. ‎‏During the visit, the two ministers signed an Energy Cooperation Roadmap, which aims to effectively implement the areas of collaboration outlined in the Cooperation Agreement in the field of energy, between the government of the Kingdom of Saudi Arabia, and the government of the Republic of Uzbekistan, which was signed in Jeddah on 17/08/2022, during the visit of H.E. Mr. Shavkat Mirziyoyev, the President of the Republic of Uzbekistan to the Kingdom. Both countries agreed to continue the ongoing cooperation in the field of electricity and renewable energy, throughexchanging experiences in the field, supporting current activities of Saudi companies in Uzbekistan, and exploring available investment opportunities in both countries. Since 2020, The Kingdom’s investments in Uzbekistani’s power sector has experienced substantial growth as Uzbekistan undergoes a transition towards -green energy. Hence, The Kingdom is now the largest investor in Uzbekistan’s power sector. Additionally, both sides look forward to strengthening the existing cooperation between the two countries and meeting Uzbekistan's needs for oil, refined products, petrochemicalsand agricultural nutrients, given the reliability and sustainability that characterizes the Kingdom. As well as exchanging technical expertise in such fields. Both countries will cooperate in developing reclinate and sustainable supply chain for Energy Sector including oil and gas, power generation, renewable energy clean H2 and new carbon capture technologies, which allow future opportunities to local companies on exports, joint projects to secure energy sector components and securing critical metals and minerals for new energy transition. Furthermore, the two countries have agreed to share expertise and experiences related to the Circular Carbon Economy (CCE) framework and Carbon Capture, Utilization, andStorage (CCUS). Moreover, they aim to identify and to collaborate in opportunities related to green and clean hydrogen value chain including generation, transportation and storage as well as technology development. They also agreed to strengthen cooperation in human capital development, especially for training of technical specialists and engineers, R&D, education.