The Philippines Inches Closer to Energy Security with Saudi Cooperation

In its efforts to expand international energy partnerships, the Philippines has partnered with Saudi Arabia, according to the Department of Energy (DOE) as it gears for an official visit to the Kingdom.

The Philippines has been expanding its energy portfolio to green sources to mitigate the common power outages and price surges. However, coal remains the primary power source in Southeast Asia, at more than 50% of its total generation.

A Philippine energy mission was headed to Saudi Arabia on Monday for a two-day trip 

The DOE traveled to Saudi Arabia on November 4, 2024 on a two-day trip “aimed at enhancing energy security, driving economic growth, and fostering sustainable development,” according to their statement. 

“A major highlight of the mission is the signing of a memorandum of understanding with the Ministry of Energy of the KSA.” 

Prior to this mission, the President of the Philippines visited Riyadh in October 2024, signing a $4.26 billion investment with Saudi business leaders.

The DOE adds that some state-owned enterprises in Saudi are also interested in investing in the Philippine Energy Sector.

“A framework for cooperation on key areas” is the goal of the preliminary agreement, which includes renewable energy, natural gas, and technology solutions for mitigating climate change.

The Philippines’ current renewable energy share is at 22%, almost halfway through its goal of 50% by 2040 as stated in the Philippine Energy Plan.

The government projects the energy demand to increase almost four times its current numbers from 2020-2040, driven by the country’s continued dependence on imported fossil fuels and the slow development of renewable energy sources.

“Partnerships with Saudi Arabia extend beyond addressing the current energy needs,” the DOE says, hinting at the prospect of joint research and development projects, policy change, and capacity building for carbon capture, use and storage, and hydrogen.

“As global efforts to transition to cleaner and more sustainable energy sources intensify, the Philippines and Saudi Arabia can cooperate in the development and deployment of low-carbon technologies.”

Source: Philippines seeks to enhance energy security with new Saudi cooperation