Saudi Arabia, Thailand to enhance opportunities in energy fields amid top ministerial meeting

Saudi Arabia and Thailand are on track to enhance opportunities in various energy fields thanks to a top ministerial meeting between officials from both countries.

The gathering, attended by the Kingdom’s Minister of Energy Prince Abdulaziz bin Salman and Thailand’s Deputy Prime Minister and Energy Minister Pirapan Salirathavibhaga, who is currently visiting Saudi Arabia, shed light on many energy fields.

Topics of discussion included oil and gas, renewable energy, and hydrogen, as well as carbon extraction, use and storage, and energy efficiency, according to a statement.

This falls in line with the ongoing efforts between both sides to further propel economic ties between them.

Trade relations between the two nations saw business soar to $8.8 billion in 2023, up from $7.5 billion following the countries restoring ties in 2022.

This represents nearly 22 percent of Thailand’s total trade with the Middle East, underscoring a flourishing economic partnership.

Moreover, during the meeting, the two sides discussed the Kingdom’s efforts to lead the transformation in the field of energy through projects such as the “Saudi Green Initiative” and the “Middle East Green Initiative.”

Earlier this week, the Kingdom’s Minister of Investment Khalid Al-Falih highlighted that Saudi Arabia is set to enhance private sector cooperation with Thailand as the Southeast Asian nation opens its first board of investment office in Riyadh.

On the sidelines of the business forum in the Saudi capital at the time, Al-Falih emphasized that this marks Thailand’s inaugural office in the Middle East, encouraging stronger bonds and new investment opportunities in both countries.

Addressing the business delegation at the Saudi-Thailand Investment Forum, Al-Falih said at the time: “Representative offices from the Kingdom of Saudi Arabia and your country will do a great deal of facilitating private sector to private sector cooperation and allowing us to reach the potential that I mentioned.”

The minister also stressed at the time the common parallels between the two countries, noting they share a “great deal of complementarity.”

Thailand has its National Strategy 2037, whereas Saudi Arabia has its Vision 2030.

“Which naturally leads me to emphasize the energy sector, including its multifaceted branches downstream: biofuels, biochemicals and CCUS (carbon capture utilization and storage), hydrogen, and renewables,” he said at the time.