Saudi Arabia, Italy sign MOU in energy, including innovation, technology and electrical interconnection

Prince Abdulaziz bin Salman, Minister of Energy, met with Gilberto Becchetto Frattini, Italian Minister of Environment and Energy Security, today, Tuesday, in Riyadh, where they discussed prospects for cooperation in various energy fields.

At the end of the meeting, the two sides signed a memorandum of understanding aimed at enhancing bilateral cooperation between the Kingdom and Italy, in a way that serves the common interests of both parties.

The memorandum of understanding focuses on vital areas including energy transformations and security, renewable energy, electrical interconnection, energy efficiency, and geothermal energy, in addition to reducing methane emissions, and enhancing energy storage solutions, oil and gas, and traditional and transitional fuels.

The memorandum also addresses enhancing the stability and reliability of oil and natural gas markets and reducing volatility in them, and improving the security of energy supplies and supply chains.

The memorandum also includes areas of innovation and technology such as developing hydrogen projects, and implementing solutions related to mitigating the effects of climate change, including the circular carbon economy, and carbon capture, utilization and storage.

It also focuses on enhancing digital transformation, cybersecurity, and artificial intelligence in the energy sector, while developing joint initiatives to support engineering and construction projects in the energy sector, in line with the goals of the Paris Agreement and the 2030 Sustainable Development Agenda.