The Department of Energy (DOE) is leading a mission to the Kingdom of Saudi Arabia (KSA), the Philippines’ biggest source of oil.
The DOE said the mission will explore collaboration on enhanced energy security that will drive economic growth and foster sustainable development.
The mission, led by Secretary Raphael Lotilla, eyes cooperation activities on the development and deployment of low-carbon technologies.
The DOE said these could include joint research and development projects, policy exchange and capacity building in areas such as carbon capture, utilization and storage as well as hydrogen.
At the two-day mission that ends today, October 15, a memorandum of understanding (MOU) will be signed by
Lotilla with with His Royal Highness Abdulaziz bin Salam Al Saud of the Ministry of Energy of the KSA.
Lotilla said in a statement yesterday the MOU follows through on the visit of President Ferdinand Marcos Jr. in October last year where Saudi state-owned companies expressed interest in investing in the Philippine energy sector.
The DOE said the MOU with KSA was first initiated during Lotilla’s first stint as head of the agency in 2005.
“After 19 years, I am pleased to see the successful conclusion of our negotiations,” Lotilla said.
DOE said the MOU also reflects the Philippines’ proactive approach in showcasing the country’s commitment towards a clean energy future, as it also provides a framework for cooperation on key areas, such as renewable energy, natural gas as well as relevant technologies and solutions related to climate change mitigation.
Lotilla also said the partnerships with Saudi Arabia extend beyond addressing the current energy needs.
In 2023, the Philippines imported 7.55 billion liters of crude oil of which 50.76 percent or 3.83 billion liters came from Saudi Arabia.
