Uzbekistan, Saudi Arabia developing a $10 billion energy investment program

While reviewing the agenda of multilateral bilateral relations, the parties noted that the existing positive dynamics are based on trusting relations between the leaders of the two countries. Willingness to activate cooperation was expressed in order to implement the agreements reached in a timely and qualitative manner. 
 
Practical aspects of investment cooperation in the energy sector were discussed. Currently, ACWA Power is implementing 5 projects with a total cost of more than $4 billion and a capacity of more than 4.1 GW. An agreement was reached to take concrete measures to accelerate the implementation of projects, to formalize the development of a new investment program of 10 billion dollars, which includes the development of renewable and hydrogen energy. 
 
The implementation of investment projects in the chemical industry, considering the organization of propylene production from methanol based on MTP technology worth 1 billion 310 million dollars, was considered. In December of this year, a delegation of Saudi companies is scheduled to visit Uzbekistan in order to accelerate the development of technical and technological parameters of the project.