Energy, Oil & Gas

KSA, Indonesia signed $27bn in energy agreements

Saudi Arabia and Indonesia signed agreements and memoranda of understanding worth $27 billion, spanning clean energy, petrochemical industries, and aviation fuel services, during Indonesian President Prabowo Subianto’s visit to the Kingdom.
 
In a joint statement issued at the conclusion of the visit, according to Saudi Press Agency (SPA), the two sides highlighted that bilateral trade had amounted to approximately $31.5 billion over the past five years, making the Kingdom the top trading partner of the Republic of Indonesia in the region.
 
They also welcomed the positive outcomes of the negotiations for a Free Trade Agreement between the Gulf Cooperation Council (GCC) countries and Indonesia, which were held in September 2024 and February 2025, and expressed their hope to conclude the agreement in the near future.
 
In the energy sector, the two countries agreed to strengthen cooperation in crude oil and derivatives supply, petrochemicals, and the development and sustainability of energy supply chains. They also committed to joint efforts in electricity, renewable energy, and energy storage project development.
 
Both sides agreed to cooperate in applying emerging technologies, including artificial intelligence, in the energy sector and fostering innovation ecosystems. They also pledged cooperation in carbon circular economy technologies and clean hydrogen development.
 
Regarding defence and security, both sides agreed to enhance cooperation in areas of common interest and contribute to achieving regional and global security and stability. They affirmed their commitment to enhancing joint security cooperation in combating all forms of crime, terrorism and extremism, as well as bolstering cybersecurity, exchanging information, and expertise and training.
 
The two sides exchanged views on regional and international issues and reaffirmed their intention to continue coordination and intensify efforts to promote international peace and security.