The Saudi Shura Council approved on Monday a memorandum of understanding of joint cooperation in the field of electrical interconnection between Saudi Arabia and Iraq.
The two countries signed an MoU to connect their national electricity grid in January.
“The signing of this MoU comes in implementation of the directives of the leaderships of the two countries, by taking everything that would strengthen the relations and the strategic partnership between the two countries in all fields,” Saudi Energy Minister Prince Abdulaziz bin Salman, said following the signing of the agreement.
The project comes within the framework of the Kingdom’s Vision 2030 and its executive programs.
“The memorandum came as a result of a comprehensive and detailed study of all leading investment opportunities to support the electricity grids between the two countries,” the minister added.
The electrical interconnection works between the Kingdom and Iraq will pave the way for establishing a regional market for electricity trade and support the two countries’ participation in such a market, according to the Saudi minister.
The agreement aims to share the electricity-generating reserves and exchange electricity between the two countries for emergency use in case of a power cut, the official Saudi Press Agency reported.
On a different note, the Shura Council issued its decision on a cooperation agreement with Iraq in the field of maritime transport, while a draft memorandum of understanding was approved between the governments of Saudi Arabia and Oman in food and water security.
