Cyprus and Saudi Arabia sign energy cooperation memorandum

On Monday, October 12, 2026, the Republic of Cyprus and the Kingdom of Saudi Arabia signed a Memorandum of Cooperation in the energy sector. The agreement was finalized in Riyadh by the Cypriot Minister of Energy, Commerce and Industry, Michael Damianos, and his Saudi counterpart, Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, during a working visit dedicated to energy week.

The memorandum establishes a comprehensive framework for collaboration across multiple sectors, including oil, natural gas, electricity, renewable energy sources, energy efficiency, petrochemicals, electrical interconnections, and clean hydrogen production. It also emphasizes the circular carbon economy, digital transformation, and innovation. The agreement aims to facilitate the development of supply chains and promote synergies between government entities and private energy companies.

To ensure effective implementation, the two nations will exchange information and technical know-how, organize joint actions, and explore potential collaborative projects. A Joint Technical Group is to be established to oversee, coordinate, and monitor these initiatives, ensuring that the defined objectives are systematically pursued by both parties.