Saudi Arabia and Turkey Establish Strategic Partnership in Energy and Minerals
In a significant move to enhance economic and investment collaboration, Saudi Arabia and Turkey have unveiled comprehensive agreements to expand partnerships in energy, minerals, and infrastructure during Turkish President Recep Tayyip Erdoğan's visit to the Kingdom.
The joint statement highlighted both nations' commitment to strengthening cooperation in the supply of oil and its derivatives, as well as petrochemicals. They also emphasized the importance of promoting the exploration, extraction, and processing of minerals, alongside the development of joint investment opportunities aligned with Saudi Arabia's Vision 2030 and Turkey's Century Vision, benefiting both economies.
The statement underscored the need to develop non-oil trade, increase mutual visits from both public and private sectors, and organize trade events through the Saudi-Turkish Chamber of Commerce.
In the energy sector, Riyadh and Ankara reaffirmed their roles in ensuring energy supply for global markets, focusing on leveraging their expertise in renewable energy, energy efficiency, and electrical automation. They also highlighted the acceleration of feasibility studies for the electricity interconnection project between the two countries and the development of clean hydrogen and energy storage projects.
Regarding minerals, they agreed to collaborate on the exploration and processing of mineral resources and critical minerals to ensure the security of global supply chains and facilitate the transition to clean energy.
Both sides expressed their commitment to jointly combat climate change by implementing the Framework Convention on Climate Change and the Paris Agreement, while promoting a circular carbon economy and supporting corporate involvement in sustainable environmental projects.
The collaboration will also extend to areas such as artificial intelligence, the digital economy, transport and logistics, tourism, culture, sports, health, education, media, food security, and the military industry.
The statement emphasized the importance of continued funding for development projects and strengthening cooperation in international forums, with the Turkish side welcoming Saudi Arabia's intention to host the G20 Summit in 2030.
This announcement signifies a move towards an integrated economic partnership between Saudi Arabia and Turkey, transcending traditional competition and establishing a model for strategic collaboration at both regional and international levels.
