Saudi Arabia and Turkey Forge Strategic Energy and Minerals Partnership
In a significant step towards enhancing economic collaboration, Saudi Arabia and Turkey have announced a series of agreements to strengthen partnerships in energy, minerals, and infrastructure during Turkish President Recep Tayyip Erdoğan's visit to the Kingdom.
The joint statement revealed that both nations will work together to improve cooperation in the supply of oil and its derivatives, as well as petrochemicals. They also plan to focus on the exploration, extraction, and processing of minerals, aligning their efforts with Saudi Vision 2030 and Turkey's Century Vision to benefit their respective economies.
Additionally, the statement highlighted the need to enhance non-oil trade, increase mutual visits between public and private sectors, and organize trade events through the Saudi-Turkish Business Council.
In the energy sector, Riyadh and Ankara reaffirmed their commitment to ensuring stable energy supplies for global markets. They aim to leverage their expertise in renewable energy and energy efficiency while expediting feasibility studies for an electricity interconnection project and developing clean hydrogen and energy storage initiatives.
On the minerals front, an agreement was reached to collaborate on exploring and processing critical mineral resources to secure global supply chains and facilitate the transition to clean energy.
Both countries also committed to addressing climate change by adhering to the Framework Convention on Climate Change and the Paris Agreement, promoting a circular carbon economy, and encouraging corporate involvement in sustainable environmental projects.
The partnership will extend to various sectors, including artificial intelligence, the digital economy, transportation, tourism, culture, sports, health, education, media, food security, and military industries.
The statement underscored the importance of financing development projects and fostering cooperation in international forums, with Turkey welcoming Saudi Arabia's intention to host the G20 summit in 2030.
This announcement signals a move towards a comprehensive economic partnership between Saudi Arabia and Turkey, aiming to set a precedent for strategic cooperation at both regional and international levels.
