Saudi Arabia and Indonesia Forge $27 Billion Agreements on Energy and Trade

Saudi Arabia and Indonesia have cemented their bilateral relations with a series of agreements valued at approximately $27 billion, as reported by the Saudi state news agency SPA on Wednesday. These agreements involve private sector institutions and focus on areas such as clean energy and petrochemicals.

During an official visit to Saudi Arabia, Indonesian President Prabowo Subianto met with Saudi Crown Prince Mohammed bin Salman to discuss further cooperation. The countries agreed to enhance their joint efforts in the energy sector, including the supply of crude oil and its derivatives, as well as improving supply chains for greater sustainability.

According to SPA, trade between Saudi Arabia and Indonesia has reached about $31.5 billion over the past five years. Saudi Arabia's ACWA Power is set to explore renewable energy investments with Indonesia's Danantara sovereign wealth fund and state energy firm Pertamina, potentially involving project funding worth up to $10 billion.

(With inputs from agencies.)