Saudi Arabia and Italy signed a memorandum of understanding (MoU). This agreement focuses on collaboration in several key areas, including energy transitions and security, renewable energy, and electricity interconnection. It also addresses energy efficiency, geothermal energy, and methane emissions reduction. Additionally, the MoU aims to advance energy storage solutions. It covers petroleum, natural gas, and both conventional and transitional fuels.
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz met on Tuesday in Riyadh with Italian Minister of Environment and Energy Security Gilberto Pichetto Fratin to explore avenues for cooperation across various energy sectors. The two sides signed the MoU to strengthen collaboration between Saudi Arabia and Italy, serving their shared interests.
Focus on stability and innovation in energy markets
The agreement also addresses enhancing the stability and reliability of petroleum and natural-gas markets, reducing market volatility, and improving energy supply security and supply chains. The agreement highlights innovation and technology, such as hydrogen project development, climate-change mitigation solutions, the circular carbon economy, and carbon capture, utilization, and storage.
Emphasizing digital transformation and sustainability
Additionally, the deal emphasizes digital transformation, cybersecurity, and artificial intelligence in the energy sector while fostering joint initiatives to support engineering and construction projects in energy. These efforts align with the Paris Agreement and the 2030 Agenda for Sustainable Development.
