Saudi Arabia and Indonesia signed multiple agreements and memorandums of understanding valued at approximately $27 billion, involving private sector institutions in areas such as clean energy and petrochemicals, the Saudi state news agency SPA reported on Wednesday.
Indonesian President Prabowo Subianto visited the Gulf kingdom on Wednesday and met with Saudi Crown Prince Mohammed bin Salman.
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Both parties agreed to boost cooperation in crude oil supplies and derivatives, improve and maintain energy supply chains, and collaborate more closely on mineral resources, according to SPA.
Over the past five years, trade between Indonesia and Saudi Arabia has totalled approximately $ 31.5 billion, SPA reported.
Saudi Arabia’s ACWA Power has signed initial agreements to explore investment prospects in renewable energy projects with sovereign wealth fund Danantara Indonesia and state energy company Pertamina, as per a statement from Danantara.
Danantara mentioned that the companies are considering potential investments amounting to as much as $10 billion in project funding.
