State news agency reports that Saudi Arabia and Indonesia have signed several deals valued at around $27 billion.

Saudi Arabia and Indonesia have signed deals and memorandums worth $27 billion in the private sector, including in clean energy and petrochemicals. This was reported by Saudi state news agency SPA on Wednesday.

On Wednesday, Indonesian President Prabowo Subito met with Saudi Crown Prince Mohammed bin Salman.

According to the Saudi State News Agency, both sides agreed to strengthen their cooperation on the supply of crude and derivatives in the energy sector, improve the sustainability and efficiency of supply chains, and enhance cooperation in the mineral resources.

According to SPA, the trade between the two nations amounted to approximately $31.5 billion over the past five years.

According to a Danantara statement, ACWA Power of Saudi Arabia signed an initial agreement to explore investment opportunities in renewable energy projects. The agreements were made with the sovereign wealth fund Danantara Indonesia as well as state energy company Pertamina.

Danantara said that the companies will explore investment opportunities with project funding of up to $10 billion. Reporting by Jaidaa T. Taha, Muhammad Al Gebaly. Additional reporting in Jakarta by Stefanno Sulaiman. Editing by Chris Reese, Lincoln Feast and Chris Reese.

(source: Reuters)