Morocco, KSA ink MoU on renewable energies; agreement on peaceful uses of atomic energy
Morocco and Saudi Arabia signed, on Monday in Riyadh, a Memorandum of Understanding (MoU) on renewable energies and a Cooperation Framework Agreement on the peaceful uses of atomic energy.
Cooperation between the two countries in the field of renewable energies and peaceful uses of atomic energy aims to meet their needs in terms of developing new energy resources, confirms shared concerns about the importance of security of energy supplies for both parties, and supports joint efforts to develop civil and peaceful uses of atomic energy in a way that ensures safety and environmental protection.
The MoU on renewable energy aims to develop cooperation and exchange of information and experiences in policies, legislative regulations, preliminary studies, and project proposal mechanisms related to the sector.
It also consolidates efforts to localize value chains and encourages the review and discussion of investment and financing opportunities in both countries to support efforts to localize renewable energy-related industries and develop their projects.
The MoU provides for R&D cooperation and human skills development. It also promotes the review of opportunities to raise the level of renewable energy technologies and their applications between the two sisterly countries.
The Cooperation Framework Agreement on the peaceful uses of atomic energy provides for cooperation in several areas, including basic and applied research in the field of peaceful uses of the atom, and topics related to nuclear reactors.
The two agreements were signed in Riyadh Monday by Moroccan and Saudi Ministers of Energy, Laila Benali and Prince Abdulaziz bin Salman bin Abdulaziz Al Saud.
Following the signing ceremony, Laila Benali said the deals offer new frameworks to upgrade relations between the two Kingdoms in two strategic areas and to encourage the transition towards the production and consumption of clean and sustainable energy.
There will be an exchange of experiences and knowledge in the area of renewable energy, including those of the Saudi company “ACWA Power,” she said.
There will also be a discussion on investment opportunities and financing in both countries and on ways for joint cooperation in the areas of peaceful uses of atomic energy, as well as research, development and training of human capital, Benali added.
She also touched on cooperation between the Moroccan phosphates group, OCP, and Saudi companies, noting that OCP covers 70 to 80% of the needs of SABIC, while it imports sulfur under a long-term contract with Aramco.