Egypt, Saudi Arabia pen energy cooperation agreement during EGYPES 2025

Updated 2/18/2025 2:32:00 AM
Egypt, Saudi Arabia pen energy cooperation agreement during EGYPES 2025

Arab Finance: Egypt and Saudi Arabia signed an agreement to develop an executive plan for energy efficiency cooperation following the opening of the Egypt Energy Show (EGYPES 2025), as per a statement by the Egyptian Ministry of Petroleum and Mineral Resources.

The agreement was signed by Egyptian Minister of Petroleum Karim Badawi, Minister of Electricity and Renewable Energy Mahmoud Esmat, and Saudi Minister of Energy Prince Abdulaziz bin Salman, with the presence of Egyptian President Abdel Fattah El-Sisi and Cypriot President Nikos Christodoulides.

The partnership aims to establish a national program to enhance energy efficiency in Egypt, with technical support and expertise from Saudi Arabia.

The two sides will collaborate on setting technical standards, ensuring compliance with energy efficiency regulations, and developing human resources through training programs and workshops.

The agreement also includes mechanisms for supporting energy service companies, improving project infrastructure, and facilitating financing and investment.

Additionally, the establishment of a joint entity for renewable energy efficiency projects in Egypt will be explored in coordination with the Saudi Tarsheed Foundation.

A joint mechanism will be formed to oversee implementation, set targets, and monitor progress through specialized technical teams.

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