Ministry of Energy of Kazakhstan and Saudi Arabia sign Memorandum of Understanding
During his visit to Riyadh on June 12, 2023, Minister of Energy of Kazakhstan Almasadam Satkaliyev held a meeting with the Minister of Energy of Saudi Arabia, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, El.kz reports citing the press service of the Ministry of Energy of the Republic of Kazakhstan.
The leaders of the energy departments of the two countries discussed issues of cooperation in the field of energy. Satkaliyev noted the positive development of cooperation between the Ministry of Energy of Kazakhstan and the Saudi company "Acwa Power Company" in the field of renewable energy sources. Acwa Power Company operates 77 facilities, including power generation and desalination, in 12 countries.
In July 2022, a Memorandum of Understanding was signed between the Ministry of Energy of Kazakhstan and Acwa Power Company in the development of electricity and renewable energy sources. In March 2023, an Agreement on the principles of implementing joint projects was signed between the Ministry of Energy of Kazakhstan, the Samruk-Kazyna National Welfare Fund and Acwa Power Company
During the trip, an Agreement was also signed between the Ministry of Energy of Kazakhstan and the Ministry of the Kingdom of Saudi Arabia. This agreement covers various aspects of the energy sector, including oil and gas, electricity, renewable energy sources, digital transformation, innovation and cybersecurity in the energy sector, as well as strengthening cooperation with energy companies and other topical issues in the development of energy cooperation.
The Roadmap for the construction of wind farms (WPP) in Kazakhstan with the participation of Acwa Power Company was also approved. This Roadmap was agreed at the International Forum in Astana and aims to strengthen long-term bilateral cooperation between Kazakhstan and Saudi Arabia in the field of decarbonization and the use of renewable energy sources.
During the meeting, Minister Satkaliyev expressed gratitude to Saudi Arabia for chairing the OPEC+ Joint Ministerial Monitoring Committee. Kazakhstan responsibly fulfills its obligations to limit daily oil production in order to maintain the stability of the world oil market. Kazakhstan joined the committee's decision to extend the limit on daily oil production until the end of 2024 and voluntarily reduced production by 78 thousand barrels per day from the level established by the agreement.
Minister Satkaliyev also noted the attractiveness of Saudi Arabia's oil and gas projects for Kazakhstani specialists in the oil and gas sector and expressed a desire to attract Kazakh companies and citizens to participate in such projects. He appealed to the Saudi minister with a proposal to provide support and consider the possibility of allocating a special quota of work permits for citizens of Kazakhstan.
Almasadam Satkaliyev emphasized the high level of political relations between Kazakhstan and Saudi Arabia and expressed readiness to continue to develop friendly relations and strengthen cooperation in the future. He expressed confidence that joint efforts in the field of energy will lead to mutual benefits and progress of both countries.
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