PHL-UAE energy deal taking effect in January
THE Department of Energy (DoE) said it and a United Arab Emirates (UAE) state-owned firm are set to operationalize their energy collaboration agreement in January.
In a statement on Sunday, Energy Secretary Raphael P.M. Lotilla said the memorandum of understanding (MoU) on energy transition cooperation was among the deals signed during the working visit of President Ferdinand R. Marcos, Jr. to the UAE last month.
“To operationalize this MoU, an implementation agreement with a UAE state-owned company is expected by January,” Mr. Lotilla said.
The DoE did not disclose additional information on the company and the potential investments involved.
Mr. Lotilla said that the DoE discussed the terms of the agreement with UAE Minister of Energy and Infrastructure Suhail Mohamed Faraj Al Mazrouei during a meeting in Abu Dhabi last month.
“Our dialogue emphasized fostering meaningful business collaboration and positioning the Philippines as a prime destination for Emirati investment in critical energy sectors, including developing robust energy infrastructure and advancing renewable energy projects,” he said.
The MoU identifies areas of collaboration such as renewable energy, liquefied natural gas, power generation, transmission and distribution, nuclear energy, energy efficiency and conservation, and alternative fuels and emerging technologies.
“By combining the UAE’s leadership in innovative energy solutions with the Philippines’ ambitious drive for energy security and sustainability, this initiative has the potential to transform not only industries but also the lives of millions of Filipinos,” Mr. Lotilla said. — Sheldeen Joy Talavera
