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    Uzbekistan Money Economics

    Saudi Arabia becomes Uzbekistan’s top energy investor with joint projects surpassing $30bn

    Saudi Arabia becomes Uzbekistan’s top energy investor with joint projects surpassing $30bn

    Saudi Arabia has emerged as the largest investor in Uzbekistan's energy sector since 2020, particularly during Uzbekistan's transition to green energy, the Ministry of Energy of Uzbekistan reported.

    Photo: Saudi Arabia leads energy investment in Uzbekistan
    Source: Ministry of Energy of Uzbekistan

     

    The Royal Minister of Energy, Prince Abdulaziz bin Salman Al Saud, and his Uzbek counterpart, Minister of Energy Jurabek Mirzamakhmudov, convened on May 2 to discuss avenues of cooperation. At the conclusion of their meeting, both parties released a joint statement underscoring the role of the energy sector in their long-term strategies.

    Central to their discussions was the acknowledgment of the critical importance of stabilizing global energy markets. Uzbekistan praised Saudi Arabia for its role in supporting market stability, recognizing the benefits to both producing and consuming nations and the overarching goal of sustainable economic growth.

    A cornerstone of the agreement was the signing of a comprehensive "Road Map" delineating cooperation efforts in the energy sphere. This roadmap builds upon a previous cooperation agreement inked in Jeddah on August 17, 2022, during President Shavkat Mirziyoyev's visit to Saudi Arabia.

    Photo: Shavkat Mirziyoyev meets Saudi Crown Prince in Jeddah
    Source: Presidential Press Service

     

    Furthermore, the two nations aim to strengthen collaboration in meeting Uzbekistan's energy demands, including oil, petrochemicals, and agricultural fertilizers, while exchanging technical expertise in these domains. They envision a sustainable energy supply chain encompassing oil, gas, electricity generation, renewable sources, clean hydrogen, and carbon processing technologies.

    A key facet of their partnership involves cooperation in Circular Carbon Economy (CCE) and Carbon Capture, Utilisation, and Storage (CCUS), alongside expanding joint efforts in the production, transportation, storage, and technology development of clean hydrogen and "green" energy.

    "The parties agreed to further develop cooperation in the fields of development of human capital, especially training of technicians and engineers, scientific research and education," the statement read.

    The substantial level of trade, economic, and investment collaboration between Uzbekistan and Saudi Arabia has culminated in a portfolio of joint projects surpassing $30bn. Additionally, at the recent Tashkent International Investment Forum (TIIF2024), the Saudi Arabian entity "Data Volt" committed $4bn towards the development of urban infrastructure in "New Tashkent" and the establishment of a green technology-centered data center.

    Furthermore, Acwa Power from Saudi Arabia pledged $6.2bn towards the construction of a 5 GW wind farm in the Republic of Karakalpakstan, coupled with the creation of 2 GW of electricity storage capacity. Concurrently, Saudi Tabreed will commence the modernization of heat supply systems in Nukus, Fergana, and Kuvasay, with a total investment of $750mn.

     

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    07.05.2024, 15:20   Comments (0)   2680
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