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Friday, April 12, 2024

Morocco and Saudi Arabia signed energy-related Agreements

The MoU and the cooperation framework agreement signed, Monday in Riyadh, offer new frameworks to promote and develop relations between Morocco and Saudi Arabia in two strategic areas, said the Minister of Energy Transition and Sustainable Development, Leila Benali.

These agreements are intended to give a new impetus to cooperation in these two strategic areas in order to encourage the transition towards the production and consumption of clean and sustainable energy, the minister said in a speech at the end of the signing ceremony.

There will be an exchange of experiences and knowledge in the area of renewable energy, including those of the Saudi company “ACWA Power,” she said.

There will also be a discussion on investment opportunities and financing in both countries and on ways for joint cooperation in the areas of research, development and training of human capital, Benali added.

The two countries are working on a plan for joint research projects and on means to fund and them in the area of peaceful uses of atomic energy, the minister explained.

The minister highlighted the multiple visits made by HM King Mohammed VI to the Kingdom of Saudi Arabia and the visit of the Custodian of the Holy Places to Morocco in 2007, noting that these visits have given a strong impetus to cooperation between the two countries in several areas, including trade between the Office Chérifien des Phosphates OCP and Saudi companies.

The OCP covers 70 to 80% of the needs of SABIC, while it imports sulfur under a long-term contract with Aramco.

For his part, the Saudi Minister of Energy, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, told the press that the signing of the two agreements is part of the implementation of the high directives of the leaders of the two brotherly countries, which aspire to develop close bilateral relations in all areas, especially in energy.

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