The Sultanate of Oman and the Kingdom of Saudi Arabia signed an energy Memorandum of Understanding. The signing took place on the convention floor of the COP27, which Egypt was hosting.
The agreement intends to provide a framework for the two sides’ energy cooperation. It promotes collaboration in a variety of fields, including oil, gas, sustainable sources, electricity, fuel efficiency, and petrochemical products.
It also promotes collaboration in the domains of the circular carbon economy and associated technologies for mitigating the consequences of climate change. Carbon capture, utilization, transportation, and storage are all included.
Furthermore, the agreement promotes collaboration in the area of hydrogen, as well as digitalization and economic development, while setting standards to encourage the use of ecological non-metallic materials rather than conventional materials.
It also intends to improve cooperation with energy-specific enterprises, as well as to build meaningful relationships between the two parties in terms of the localization of materials, goods, and services connected to all fields of energy, supply chains, and technology.
On the same occasion, Oman and the Netherlands signed a green energy memorandum of agreement. The MoU demonstrates the two nations’ advanced relations as well as their determination to expand cooperation in the sphere of green energy.
The agreement looks into prospective interests in sectors along the green hydrogen production chain and encourages participation between the various entities in charge of executing energy policies in order to exchange expertise, data, and details regarding green hydrogen.
Meanwhile, the World Leaders Summit has begun in Egypt, with speeches and debates on climate issues taking place in the presence of approximately 120 heads of government, worldwide personalities, and professionals. Salem Nasser Al Aufi, delegated by His Majesty, is representing Oman at this world event.
Six meetings will be held throughout the summit on three issues: sustainable transition to adoption, food production, and alternative climate and development funding. Additional sessions during the leaders’ summit will focus on making investments in the future of energy, clean hydrogen, water management, global warming, and the survival of vulnerable populations.