DOE officials fly to Saudi Arabia to pursue energy deals
The Philippines is seeking a potential partnership with the Kingdom of Saudi Arabia on clean power and energy security.
Key officials, led by Energy Secretary Raphael Lotilla, would be in Saudi Arabia from Monday to Tuesday to sign a memorandum of understanding (MOU) with the latter’s Ministry of Energy, headed by Abdulaziz bin Salam Al Saud.
The agreement was expected to be inked on Monday afternoon, Saudi time.
This came after President Marcos visited the country a year ago, where Saudi state-owned firms showed their desire to invest in the local power sector.
“The MOU will provide a framework for cooperation on key areas, such as renewable energy, natural gas, as well as relevant technologies and solutions related to climate change mitigation,” the Department of Energy (DOE) said in a statement.
The agency added the pact would boost both parties’ commitments to a clean energy transition through the potential development and deployment of low-carbon technologies. This could include joint research and development projects, policy exchange, and capacity building in areas such as carbon capture, utilization and storage, and hydrogen, it said.
The deal followed Lotilla’s first energy pact with Saudi Arabia in 2005 when he first served as the Philippines’ top energy executive under former President Gloria Macapagal Arroyo, the DOE said.
“After 19 years, I am pleased to see the successful conclusion of our negotiations,” he said.
According to the Organization of the Petroleum Exporting Countries, Saudi Arabia is a major supplier of crude oil and houses around 17 percent of the global market’s proven petroleum reserves.
Last week, the Philippines and South Korea also inked an agreement to pursue a feasibility study on the revival of the mothballed Bataan Nuclear Power Plant.
