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Saudi Arabia, Philippines Strengthen Ties Through Bilateral Cooperation

Prince Abdulaziz bin Abdulaziz, Minister of Energy, held a meeting in Riyadh today with Raphael Lotilla, Minister of Energy of the Republic of the Philippines. During the meeting, they discussed topics of mutual interest between the two countries, as well as ways to enhance investment opportunities and cooperation in the fields of petroleum and its supply, renewable energy, and energy efficiency.

After the meeting, the Minister of Energy and the Philippine Minister signed a Memorandum of Understanding to enhance energy cooperation between the Kingdom of Saudi Arabia and the Republic of the Philippines. The memorandum outlined efforts to promote collaboration in various sectors, including petroleum, petrochemicals, gas, electricity, renewable energy, and energy efficiency.

It also emphasized developing partnerships in the circular carbon economy and related technologies which aim to mitigate climate change impacts through initiatives such as carbon capture, reuse, transportation, and storage.

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The memorandum also included strengthening cooperation in the fields of digital transformation and innovation, cybersecurity, and artificial intelligence. It emphasized the importance of developing strategic partnerships to localize materials, products, and services related to all energy sectors, in addition to using and developing sustainable polymeric materials in the construction sector and other industries.

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