Saudi Arabia and Turkey Forge Strategic Partnership in Energy and Minerals
In a strategic 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 parties agreed to enhance cooperation in oil supply and its derivatives, as well as in petrochemicals. They also plan to explore, extract, and process minerals, emphasizing the importance of developing joint investment opportunities aligned with Saudi Arabia's Vision 2030 and Turkey's Century Vision for the benefit of both economies.
The statement also stressed the significance of increasing non-oil trade, facilitating reciprocal visits between public and private sectors, and organizing business events through the Saudi-Turkish Business Council.
In the energy sector, Riyadh and Ankara reaffirmed their roles in ensuring energy supplies for global markets, focusing on leveraging their expertise in renewable energy, energy efficiency, and electrical automation. They also aim to expedite feasibility studies for a proposed electrical interconnection project and develop clean hydrogen and energy storage initiatives.
Regarding minerals, an agreement was reached 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 parties expressed their commitment to work together to address climate change by implementing the Framework Convention on Climate Change and the Paris Agreement, while promoting a circular carbon economy and encouraging business participation in sustainable environmental projects.
The cooperation also encompasses areas such as artificial intelligence, digital economy, transportation and logistics, tourism, culture, sports, health, education, media, food security, and military industries.
The statement highlighted the importance of continuing to fund development projects and strengthening cooperation in international forums, while welcoming Turkey's desire for Saudi Arabia to host the G20 summit in 2030.
This announcement positions Saudi Arabia and Turkey towards an integrated economic partnership, moving beyond traditional competition to become a model of strategic cooperation at both regional and international levels.
