Cyprus and Saudi Arabia sign major energy cooperation agreement

Cyprus and Saudi Arabia have signed a broad memorandum of cooperation to enhance energy relations. The agreement, signed in Riyadh by Cypriot Energy Minister Michalis Damianou and Saudi Prince Abdulaziz bin Salman during the 25th World Petroleum Congress, covers a wide range of sectors including oil, natural gas, petrochemicals, and renewable energy.

The partnership also extends to clean hydrogen, energy storage, energy efficiency, and electrical interconnections. Key areas of focus include the development of clean energy technologies, digital transformation, and the cybersecurity of energy infrastructure. To ensure implementation, a joint technical team will be established to monitor progress and promote specific collaborative actions.

This agreement aims to strengthen Cyprus's role in the Eastern Mediterranean energy landscape and diversify its energy sources. It also seeks to foster investment opportunities and technological exchange between businesses in both nations.