Saudi Arabia, France discuss investment in petroleum, petrochemicals, renewable energy and innovation

Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, discussed in Riyadh today, with Agnès Pannier-Runacher, Minister of Ecological Transition, Energy, Climate and Risk Tolerance of the French Republic, topics and investment and cooperation opportunities of common interest between the two countries, in the fields of petroleum and its supplies, petrochemicals, renewable energy, electricity, energy efficiency, innovation, decarbonization technologies, and other fields.

Prince Abdulaziz and the French Minister also participated in a roundtable meeting held in the presence of officials, experts and heads of companies from both sides, in which the efforts of the two countries in energy transitions, climate action, and the exchange of expertise in the field of electricity generation from renewable energy sources were discussed, as well as the participation of the private sector in electricity projects, including electricity production, transmission, distribution, and storage technologies, and network automation technologies. In addition to reviewing joint efforts in the field of enhancing energy efficiency. The roundtable discussions addressed the two countries’ experiences and efforts in promoting climate change technologies and solutions, including carbon capture, utilization and storage, from sectors with emissions that are difficult to mitigate, such as the cement industry, aviation, maritime, petrochemicals, and others. The Kingdom’s efforts and ambition to become one of the world’s leading countries in exporting hydrogen and electricity generated from low-emission sources were also reviewed, taking advantage of its ability to produce hydrogen and generate electricity from low-emission sources at a competitive cost.