Saudi Arabia regards Italy as a useful ally to help it deliver green energy and fuels - including hydrogen produced with renewable power - to Europe, the kingdom's investment minister said on Thursday.
The Italian government signed in May an agreement to cooperate with Germany and Austria on the development of a pipeline to transport hydrogen from the southern Mediterranean to northern Europe © Mena Today
Saudi Arabia regards Italy as a useful ally to help it deliver green energy and fuels - including hydrogen produced with renewable power - to Europe, the kingdom's investment minister said on Thursday.
Under its multi-year energy strategy, Saudi Arabia aims to grow its production capacity for low-carbon products to diversify away from its traditional oil and gas business.
However, since the market for low and zero-carbon hydrogen is still at an initial stage, the country is looking for allies who could facilitate the export of these products.
"Saudi Arabia is investing in ... blue and green hydrogen without guarantees that there will be offtakers... Italy is a partner of choice to bring green products to the European continent," Minister Khalid al-Falih said, speaking at a business conference in Milan.
Green hydrogen is produced by splitting water through electrolysis using renewable energy.
Blue hydrogen, which is often presented as a transitional approach until green hydrogen output can be scaled up, is made from natural gas but with carbon dioxide (CO2) emissions captured and then injected into underground or subsea storage.
Al-Falih said that investing in ports and pipeline networks to bring green energy and products to Europe was an imperative and added that he would travel to other European countries, including Germany, to find customers and partners.
The Italian government signed in May an agreement to cooperate with Germany and Austria on the development of a pipeline to transport hydrogen from the southern Mediterranean to northern Europe.
Reporting by Francesca Landini
Saudi Arabia plans to scrap light-touch oversight of its nuclear facilities by the U.N. atomic watchdog and switch to regular safeguards by the end of this year, the kingdom said on Monday, a step the watchdog has long been calling for.
Saudi Arabia's annual inflation rate inched up to 1.6% in August, from 1.5% in July, government data showed on Sunday, driven by an increase in housing rents and food prices.
Britain's new trade ministers visited the Gulf region on Monday in a first joint visit for talks on a possible trade deal, the government said.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.