To strengthen bilateral ties and advance energy sustainability, the Philippines and the United Arab Emirates (UAE) are preparing an implementing agreement to operationalize the Memorandum of Understanding (MoU) on Energy Transition Cooperation by January 2025.
The Department of Energy (DoE) confirmed on Sunday that President Ferdinand Marcos Jr. and President Mohammed bin Zayed Al Nahyan of the UAE signed the MoU during President Marcos’ working visit to the UAE last week.
The MoU focuses on areas such as renewable energy, liquefied natural gas as a transition fuel, power generation, transmission and distribution, nuclear energy, energy efficiency and conservation, and emerging alternative fuels and technologies.
According to the DoE, the partnership aims to leverage the UAE’s expertise in innovative energy solutions to support the Philippines’ goals for energy security and sustainable development.
The collaboration is expected to attract investments in energy infrastructure, create job opportunities, and promote technology transfer and capacity building.
By advancing these initiatives, the partnership is poised to contribute to a more equitable distribution of resources and opportunities across the Philippines, the agency said.
To recall, Marcos 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.
The discussions emphasized fostering business partnerships and positioning the Philippines as an attractive destination for Emirati investments in key energy sectors.
The UAE’s energy sector is diverse, encompassing oil, gas, nuclear, solar, and wind power. Despite its diversified energy mix, the UAE remains a major exporter of oil and gas, with most of its energy derived from these sources.