Saudi Arabia and Turkey Forge Strategic Partnership in Energy and Minerals
In a significant move to bolster economic and investment cooperation, the Kingdom of Saudi Arabia and the Republic of Turkey have unveiled comprehensive agreements to expand partnerships in energy, minerals, and infrastructure during Turkish President Recep Tayyip Erdoğan's visit to the kingdom.
A joint statement indicated that both nations agreed to enhance collaboration in oil supply and its derivatives, as well as in petrochemicals, exploration, extraction, and processing of minerals. This partnership aims to develop joint investment opportunities aligned with Saudi Arabia's Vision 2030 and Turkey's Century Vision, benefiting the economies of both countries.
The statement also highlighted the importance of increasing non-oil trade, intensifying reciprocal visits from public and private sectors, and organizing business events through the Saudi-Turkish Business Council.
In the energy sector, Riyadh and Ankara reaffirmed their commitment to ensuring energy supply to global markets, focusing on leveraging their expertise in renewable energy, energy efficiency, and electrical automation. They also plan to expedite feasibility studies for a proposed electrical interconnection project and develop clean hydrogen and energy storage initiatives.
Regarding minerals, the two countries agreed to collaborate on the exploration and processing of critical mineral resources to ensure the security of global supply chains and facilitate the transition to clean energy.
Both parties expressed their commitment to jointly address climate change by implementing the framework of the Climate Change Convention and the Paris Agreement, promoting a circular carbon economy, and encouraging business participation in sustainable environmental projects.
The cooperation will also extend to areas such as artificial intelligence, digital economy, transportation and logistics, tourism, culture, sports, health, education, media, food security, and defense industries.
The statement underscored the importance of continued funding for development projects and strengthening cooperation in international forums, with Turkey welcoming Saudi Arabia's interest in hosting the G20 summit in 2030.
This announcement marks a shift towards a comprehensive economic partnership between Saudi Arabia and Turkey, moving beyond traditional competition to establish a model of strategic cooperation at both regional and international levels.
