RIYADH, 17th July, 2023 (WAM) — The Royal Commission for Jubail and Yanbu (RCJY) and the Gulf Cooperation Council Interconnection Authority (GCCIA) have signed a Memorandum of Understanding (MoU) at RCJY headquarters in Riyadh.
The agreement was signed by Khaled bin Mohammed Al Salem, President of RCJY, and Ahmed Al Ebrahim, the CEO of the GCCIA.
While aiming to strengthen collaboration frameworks, promoting shared standards, and fostering the exchange of expertise, the MoU agreement marks a significant step towards fruitful cooperation in various fields, including industry, development, strategy, academia, science, research, and training.
The MoU focuses on fostering academic, research, and consultancy cooperation in scientific research and studies. It emphasises the optimal utilisation and development of human, scientific, and technical resources between the two entities. Furthermore, the MoU encourages the exchange of research findings, training programmes, developmental initiatives, scientific endeavors, and cultural visits, while also facilitating the provision of technical consultations.
Under the agreement, RCJY and GCCIA will collaborate on conducting comprehensive studies pertaining to environmental, social, and governance practices. The objective is to align their respective visions and goals. They will also engage in research and development activities, with a particular focus on energy transformation technologies and resource efficiency enhancement techniques. The sharing of experiences and expertise will encompass areas such as investor management, corporate communication, reputation management, and marketing, ultimately leading to the formulation of viable and executable projects.
Khalid Al Salem commended the pivotal role played by GCCIA in enhancing and ensuring energy security across Gulf Cooperation Council (GCC) countries. Notably, this encompasses addressing challenges such as loss of generation capacity during emergencies, reducing generation reserves, mitigating carbon emissions, minimising the costs associated with fiber optic network construction, and establishing the foundation for the exchange and trade of electrical energy among member countries. Al-Salem emphasised that this project is part of the comprehensive integration efforts among GCC countries, which exemplify the cooperative spirit among member states.
Ahmed Al Ebrahim emphasised that the signing of this MoU signifies a commitment to enhancing collaboration between RCJY and GCCIA. This partnership is centered on human development and efficiency enhancement. Al-Ebrahim highlighted the significant role this collaboration will play in raising functional quality standards and equipping talented individuals to contribute to the energy sector, a vital pillar of the economy. He further emphasised that since the inception of the GCCIA project, continuous efforts have been made to develop and expand it. This proactive approach aligns with the ambitious strategic vision of the project, enabling it to keep pace with rapid advancements and the increasing demand for electrical energy in GCC countries. Technical and economic studies have been conducted to enhance emergency reliability and explore expansion opportunities beyond the GCC electricity system, including assessing potential interconnection with neighboring networks.