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Arab News
a day ago
- Business
- Arab News
Saudi Arabia, Syria sign deal to boost energy ties
RIYADH: Saudi Arabia and Syria are strengthening their energy cooperation through a new agreement that covers oil and gas, petrochemicals, electricity, regional grid integration, and renewable energy. The memorandum of understanding was signed by the Kingdom's Minister of Energy, Prince Abdulaziz bin Salman, and his Syrian counterpart, Mohammed Al-Bashir, following a meeting held in Riyadh, according to a statement. The move is part of Saudi Arabia's drive to strengthen ties across key investment sectors and support shared goals of economic growth and sustainable development with Syria. It also aligns with the Kingdom's recent signing of $6.4 billion in investment deals with Syria, marking a major step toward re-engaging economically and supporting the country's reconstruction efforts. HRH Minister of Energy meets with the Syrian Minister of Energy to discuss topics of mutual interest and explore opportunities for cooperation between the two countries across various energy sectors. — وزارة الطاقة (@MoEnergy_Saudi) July 27, 2025 'During the meeting, the two sides explored cooperation opportunities between the two countries across various energy sectors and ways to enhance them, including oil and its supplies, electricity, renewable energy, and energy efficiency,' the Kingdom's Ministry of Energy said. 'They also reviewed investment opportunities, and the exchange of expertise in developing projects, policies, and regulatory frameworks in the Kingdom's energy sector, as part of broader efforts to support the development journey of the Syrian Arab Republic,' it added. Following the talks, Saudi and Syrian business leaders affirmed their readiness to support the redevelopment of Syria's energy infrastructure, as announced during a high-level meeting in Riyadh. The participants presented proposals for joint projects focused on conventional and renewable energy sectors, signaling a potential shift toward greater regional investment collaboration. Al-Bashir outlined his ministry's recent achievements and its strategic direction, despite prevailing challenges, reported the Syrian Arab News Agency. HRH Minister of Energy signs a Memorandum of Understanding with the Syrian Minister of Energy, to enhance cooperation between the two brotherly countries in the energy sector. — وزارة الطاقة (@MoEnergy_Saudi) July 27, 2025 Al-Bashir said economic partnerships and investor engagement are crucial to advancing the energy sector and welcomed collaborative initiatives aimed at enhancing development efforts. The talks coincide with a broader renewal of Saudi-Syrian relations, underlined by the July Syrian-Saudi Investment Forum held in Damascus. Earlier in July, a Saudi delegation visiting Damascus announced investment and partnership deals valued at $5 billion to help rebuild war-battered Syria. The agreements span vital and strategic sectors, including real estate, infrastructure, communications, IT, transportation and logistics, industry, tourism, energy, trade, and more, AFP reported at the time, citing a statement from the investment ministry. According to official data from Saudi Arabia's General Authority for Statistics, Syria was the Kingdom's 53rd largest export destination in April, with non-oil exports rising by 153.3 percent year on year to reach SR81.9 million. Syria ranked 60th among countries supplying goods to Saudi Arabia, with imports totaling SR78.5 million in April, representing a sharp 149.7 percent year-over-year increase.


Argaam
21-07-2025
- Automotive
- Argaam
Saudi Arabia capable of competing with China in battery sector: Energy Minister
Energy Minister Prince Abdulaziz bin Salman said Saudi Arabia is capable of competing with China in the battery sector. He explained that the Kingdom's latest battery project, launched in Bisha, has begun production at a relatively high cost, but still lower than that of European products. He added that Saudi Arabia has now caught up with China in the latest phase of development. Speaking at a workshop in Riyadh, the minister said the Kingdom is implementing highly competitive renewable energy projects, including wind and solar, and is currently exporting green hydrogen. He noted that Saudi Arabia is also developing battery projects with a total capacity of 48 gigawatts, alongside implementing carbon capture initiatives. He added that the Kingdom is expanding gas production on an unprecedented scale and is working to boost its fleet of power generation units using the most efficient technologies available globally.