Saudi Arabia and France sign energy linked MoU
10/12/24
Saudi Arabia and France have entered into a landmark agreement aimed at strengthening bilateral cooperation in the energy sector. The arrangement features a strong emphasis on technologies that address climate change, including carbon capture and hydrogen production.
As a result, the Kingdom’s Minister of Energy and the French Minister of Europe and Foreign Affairs signed a comprehensive memorandum of understanding (MoU) in Riyadh, setting the stage for closer collaboration in key energy sectors, including electricity, renewable energy and energy efficiency.
This strategic agreement covers a wide range of areas within the energy sector, such as energy storage, smart grid technologies, oil and gas production and derivatives, as well as refining, petrochemicals and distribution networks. Additionally, it highlights collaborative efforts in digital transformation, localisation of energy-related materials and services, joint research initiatives, skills training and fostering cooperation between specialised companies in both nations.
The MoU underscores the continued strengthening of the relationship between Saudi Arabia and France, with both countries reaffirming their commitment to enhancing bilateral ties and exploring new opportunities for collaboration. Importantly, French businesses have expressed a strong commitment to expanding their investments in Saudi Arabia, aligning with the objectives of Saudi Vision 2030. Discussions also touched on the peaceful uses of atomic energy, alongside future prospects for renewable energy, clean hydrogen and electrical interconnections.
The focus will be on renewable energy, hydrogen, water resources, environmental sustainability, the digital economy, smart city innovations and the growth of tourism services and infrastructure. In recent years, numerous partnerships have been forged between French startups and Saudi enterprises, including those facilitated by the Generation 2030 initiative during the Future Investment Initiative in 2022.
France is poised to leverage its expertise in cutting-edge fields to foster new economic partnerships with Saudi Arabia. This agreement represents a significant step toward mutual economic growth and technological advancement in the energy sector.
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