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Saudi Arabia and Italy Sign Energy Cooperation Deal
Italy and Saudi Arabia on Tuesday signed a cooperation agreement in the energy sector, with an emphasis on renewable energy, hydrogen, and carbon capture, Italian Energy and Environment Minister, Gilberto Pichetto Fratin, said while on a visit to Riyadh.
Italy’s minister signed the agreement with Saudi Energy Minister Abdulaziz Bin Salman Al Saud on the sidelines of the Future Minerals Forum in Riyadh.
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The five-year cooperation agreement includes boosting bilateral cooperation in hydrogen production, renewables, and carbon capture and storage (CCS).
The new cooperation deal will focus on clean energy and clean tech, including low-carbon hydrogen and green ammonia, according to the Italian government.
Despite industry-wide challenges to green hydrogen, Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) is reportedly planning to invest $10 billion in green hydrogen.
“Italy could be an energy hub on the Middle East to Europe route, thanks to its location in the Mediterranean and its interconnections with the rest of Europe,” the Italian minister said during the meeting with his Saudi counterpart.
“We know well Saudi Arabia’s capability in the roduction of renewable hydrogen and low-carbon derivatives such as ammonia,” Pichetto added.
The cooperation agreement is the starting point for developing concrete projects and boost relations between Italy and Saudi Arabia, he noted.
The two countries have also discussed in the past possible partnerships and joint investments in the oil and gas and mining sectors.
At the end of 2023, Italy and Saudi Arabia discussed potential partnerships and joint investments in the energy sector, especially in critical raw materials, in Italy, Saudi Arabia, and third countries, such as those in Africa, Italian Industry Minister Adolfo Urso said after meeting with Saudi officials in Riyadh.
The officials also discussed investments in Italy and Saudi Arabia in industrial sectors, including oil and gas, automotive, defense, green technologies, hydrogen, and aerospace, Minister Urso said at the time.
By Charles Kennedy for Oilprice.com
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Charles Kennedy
Charles is a writer for Oilprice.com
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