Saudi Arabia, Indonesia sign several deals worth around $27 billion

CAIRO - Saudi Arabia and Indonesia signed several deals and memorandums of understanding worth around $27 billion between private sector institutions in fields including clean energy and petrochemicals, Saudi state news agency SPA reported on Wednesday.

Indonesian President Prabowo Subianto visited the Gulf kingdom on Wednesday and met Saudi Crown Prince Mohammed bin Salman.

The two sides also agreed to bolster cooperation in the supply of crude oil and its derivatives, improve supply chains and their sustainability in the energy field and strengthen cooperation in mineral resources, the Saudi state news agency said.

Trade between the two countries amounted to around $31.5 billion in the last five years, according to SPA.

Saudi Arabia's ACWA Power signed initial agreements to explore investment opportunities into renewable energy projects with sovereign wealth fund Danantara Indonesia and state energy firm Pertamina, according to a statement from Danantara.

The companies are expected to explore potential investments with up to $10 billion worth of project funding, Danantara added.