Uzbekistan-Saudi Arabia: cooperation in the energy sector

On April 18, Prime Minister of the Republic of Azerbaijan Artur rasizade met with Minister of Foreign Trade and investment of the Republic of Belarus Alexander Lukashenko.The delegation of the Government of Uzbekistan headed by Umurzakov, consisting of the heads of the main ministries and departments, visited Riyadh to conduct negotiations on further expansion of bilateral cooperation in priority areas with Saudi Arabia.

Within the framework of the visit, the prime minister was initially appointed as Minister of Foreign Trade and investment.Umurzakov's meeting with Prince Abdulaziz bin Salman al Saud, Minister of energy of the Kingdom of Saudi Arabia, was held.

During the meeting, the sides discussed the current state of relations between Uzbekistan and Saudi Arabia in the energy sector, the prospects for the implementation of joint projects and the expansion of the joint investment portfolio in this area.

Saudi Arabia is currently one of the largest foreign investors in the energy sector of Uzbekistan. This indicator was achieved in many ways thanks to the successful activities of the Saudi Arabian company “ACWA Power” in the country. The total cost of the company's projects exceeds 2,5 billion dollars.

During the meeting, the sides noted the important prospects for further deepening cooperation in the field of renewable energy in order to increase the share of alternative energy sources in the overall energy balance of the country by 25 percent by 2025. The parties agreed to develop new directions for the implementation of joint investment projects, taking into account the successful experience of Saudi Arabian investors in this area.