Sadirat signs MoU with Ministry of Energy

Logo of Saudi Industrial Export Co. (Sadirat)

Saudi Industrial Export Co. (Sadirat) signed today, June 19, a three-year memorandum of understanding (MoU) with the Ministry of Energy's Oil Sustainability Program (OSP).

The MoU will enable the two parties to harmonize and implement joint plans, initiatives, and activities in the fields of sustaining oil demand, the company said in a statement to Tadawul.

Moreover, the MoU aims to harmonize strategic directions, develop an action plan on specific initiatives, and implement them within the limits of the targeted geographical scope of the two parties.

The OSP was established in November 2019 with the participation of 17 agencies, including government and non-government agencies, under the umbrella of the Supreme Committee for Hydrocarbon Materials.

OSP’s objectives are to raise the economic and environmental efficiency of oil and gas and focus on innovation and environmental principles,promote integration between the petroleum and petrochemical industries, sustain and improve the demand for hydrocarbon resources, and enable and boost the use of polymer-based materials as well as support the localization of the associated supply chain in the Kingdom of Saudi Arabia.

It has identified and prioritized potential opportunities in the transportation, utilities, and materials sectors, as well as fostering sustainability, development and innovation.