Saudi Arabia and Mauritania have signed a memorandum of understanding (MoU) to drive cooperation in the fields of electricity, renewable energy, and clean hydrogen.
The agreement, signed by Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz and Mauritanian Minister of Petroleum, Minerals, and Energy Nani Ould Chrougha, took place during a special meeting of the World Economic Forum (WEF) in Riyadh, as reported by the Saudi Press Agency (SPA).
The MoU outlines several key areas of collaboration. One such area is the promotion of knowledge exchange and exploration of partnership opportunities in renewable energy, encompassing solar, wind, waste-to-energy, and geothermal energy. The aim is to enhance the reliability and security of the electricity system through its development.
Furthermore, the agreement seeks to advance the adoption of cleaner fossil-fuel technologies by implementing the most effective available practices and technologies to mitigate environmental impacts. This includes the application of carbon capture, utilization, and storage (CCUS) technologies, as well as the improvement of energy production and consumption efficiency.
This month, Saudi Arabia’s ACWA Power announced plans to invest more than $10 billion in Malaysia over the next 10 years in collaboration with Malaysia’s Cypark Resources Bhd, developer and provider of integrated renewable energy. The investment aims to boost Malaysia’s renewable energy infrastructure and boost sustainable development in the country.
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