- Saudi and Indonesian companies signed deals and MoUs worth $27 billion in clean energy, petrochemicals, and minerals.
- ACWA Power, Pertamina, and Danantara Indonesia plan to explore renewable energy projects with potential funding of up to $10 billion.
Saudi Arabia and Indonesia have signed multiple agreements and memorandums of understanding valued at approximately $27 billion, the Saudi Press Agency (SPA) announced on Wednesday, July 2. These agreements aim to deepen collaboration between private sector entities across various sectors, notably clean energy and petrochemicals.
The deals were concluded during Indonesian President Prabowo Subianto’s official visit to the Gulf kingdom, where he met with Saudi Crown Prince Mohammed bin Salman. The visit marks a significant step in strengthening bilateral relations, especially in the strategic sectors of energy and economic development.
According to SPA, the two nations also agreed to expand cooperation in the supply of crude oil and its derivatives, enhance energy supply chains and their sustainability, and deepen collaboration in mineral resources.
Over the past five years, trade between Saudi Arabia and Indonesia has reached around $31.5 billion, reflecting growing economic ties between the two countries.
A key highlight of the visit was the signing of preliminary agreements between Saudi Arabia’s leading energy company, ACWA Power, and Indonesia’s sovereign wealth fund, Danantara Indonesia, along with state-owned energy company Pertamina. According to a statement released by Danantara, the partnership will explore renewable energy investment opportunities, potentially unlocking projects valued at up to $10 billion.
These agreements signal a mutual commitment to energy transition and sustainable development, aligning with both countries’ goals to diversify their economies and strengthen long-term energy security.