Prospects for further strengthening Uzbek-Saudi cooperation in the energy sector outlined
Tashkent, Uzbekistan (UzDaily.com) -- On 3 May, during the stay of the Uzbek government delegation in Riyadh, Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov discussed with the Minister of Energy of the Kingdom of Saudi Arabia Abdulaziz bin Salman Al-Saud, issues of investment cooperation and the implementation of agreements in the energy sector, reached during the visit of the Saudi delegation of government and business circles to Uzbekistan in January this year.
It was noted that the visit of the Saudi delegation to Uzbekistan gave a significant impetus to the development of bilateral economic partnership, forming the basis for further effective interaction in a number of areas. At the same time, the parties mutually emphasized the priority of the energy and chemical industries as sectors with significant investment potential and having a significant stimulating effect on the development of the economy as a whole.
The Saudi side emphasized the interest of such Saudi companies as ACWA Power, Sabic Corporation, Saudi Aramco in investing in the energy and chemical industries of Uzbekistan, which was significantly strengthened following the results of the Uzbek-Saudi business forum and meeting in Bukhara. Uzbek-Saudi Business Council. In particular, the prospects for the implementation of projects in the field of petrochemistry and the production of products of deep processing of hydrocarbons, which are in high demand for the development of the chemical industry, were considered.
Further practical measures were discussed to develop new joint projects in these sectors: an agreement was reached to organize in the near future bilateral negotiations in the B2G and B2B formats, joint business forums and mutual visits of business circles of the two countries.
Special attention was paid to cooperation in the alternative energy sector. The parties emphasized the significant progress in the activities of the Saudi company "ACWA Power" in the Uzbek market. Moreover, they expressed readiness to provide practical assistance to Uzbekistan in achieving the goals set to combat climate change and reduce greenhouse gas emissions by organizing joint scientific research in the field of hydrogen and renewable energy, as well as implementing new promising projects in this direction.
As a result of the negotiations, an agreement was reached to intensify interaction in all the considered areas of cooperation.