Saudi Energy Minister Khalid bin Al Falih met on Thursday with his United States counterpart Rick Perry, Saudi state-owned news agency SPA reported.

Minister Falih and Secretary Perry discussed a number of issues, including the latest international developments.

Matters involved in the domains of economy and energy, as well as the world oil markets’ expectations, in addition to bilateral relations binding the two countries, in regard of energy and technologies were addressed.

Al Falih also briefed his US counterpart on current Saudi investments, including an announcement made earlier on signing the final and binding agreement to develop Motiva Enterprises Corporation, which owns the biggest US refinery, in Port Arthur.

The corporation is a joint venture for refining and marketing, and is considered a subsidiary of Saudi oil giant Aramco and Shell.

Both sides concluded the meeting after underscoring collaboration and cooperation, particularly in the domains of economy and energy. Such a partnership not only serves the best interests of the two countries, but also the world economy.

Earlier this week, Minister Falih delivered a keynote address to the CERAWeek audience in Houston in which he broached a number of strategies and forwarding-looking initiatives.

“As for the evolution of the global energy mix, the costs of alternatives like renewables and electric vehicles are declining, as their technologies and performance improve,” said Falih.

“In the future, they will claim a greater share of a growing global energy market—and we welcome their contributions. But we all know that energy transformations are complex phenomena that take considerable time to unfold.”

“Saudi government policy has always taken the long view of the petroleum sector, whether it’s investing in the Kingdom’s infrastructure; optimizing the productive life of our reservoirs; developing our industry professionals and new technologies; or strengthening the relationships we enjoy with our partners, customers, suppliers and other stakeholders,” added Falih.

“And that’s why despite the recent downturn, we’ve kept up our capital spending. That has resulted in our drilling rig count remaining near an all-time record, as we maintain our maximum sustainable capacity for crude oil, and work to double our gas capacity, while also building the world’s largest downstream portfolio.”