Saudi Arabia and Indonesia have signed a series of agreements and memorandums of understanding valued at approximately $27 billion, according to the Saudi Press Agency (SPA). The deals, forged between private sector entities from both countries, span key industries such as clean energy, petrochemicals, and other strategic sectors.
Indonesian President Prabowo Subianto met with HE Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, during his visit to Saudi on Wednesday July 2.
Saudi Arabia and Indonesia agreed to bolster cooperation in the supply of crude oil and its derivatives, improve supply chains and their sustainability in the energy field, and strengthen cooperation in mineral resources, the Saudi state news agency said.
According to the SPA, trade between Saudi Arabia and Indonesia totalled approximately $31.5 billion over the past five years. Â
Saudi Arabia’s ACWA Power has signed preliminary agreements with Indonesia’s sovereign wealth fund Danantara and state energy company Pertamina to explore potential investments in renewable energy projects, according to a statement from Danantara.
The companies are expected to explore potential investments with up to $10 billion worth of project funding, Danantara added.
The two leaders also discussed regional and international developments, along with the efforts being made to address them.
Additionally, HE Prince Mohammed bin Salman bin Abdulaziz Al Saud and President Prabowo co-chaired the inaugural session of the Saudi-Indonesian Supreme Coordination Council, concluding with the signing of the meeting’s official minutes.
