Saudi Gazette report

RIYADH — Saudi Minister of Energy Prince Abdulaziz bin Salman met on Tuesday in Riyadh with Italian Minister of Environment and Energy Security Gilberto Pichetto Fratin to discuss enhanced collaboration in various energy sectors.

The meeting culminated in the signing of a comprehensive memorandum of understanding (MoU) aimed at advancing mutual interests and fostering energy sector partnerships between the two nations.

The MoU underscores critical areas of cooperation, including energy transitions and security, renewable energy, and electricity interconnection.

It also emphasizes energy efficiency, geothermal energy, methane emissions reduction, and the development of energy storage solutions.

In addition, the agreement prioritizes the stability and reliability of petroleum and natural gas markets, aiming to reduce market volatility and bolster energy supply security and supply chains.

Key elements of the agreement include the advancement of innovative energy technologies such as hydrogen project development, climate-change mitigation, and circular carbon economy solutions.

It also highlights carbon capture, utilization, and storage technologies as integral components of both countries’ energy strategies.

The MoU places significant emphasis on digital transformation, cybersecurity, and artificial intelligence within the energy sector. Furthermore, it aims to facilitate joint initiatives in engineering and construction projects, leveraging both nations' expertise in energy infrastructure development.

The agreement aligns with the objectives of the Paris Agreement and the United Nations' 2030 Agenda for Sustainable Development. Both parties reaffirmed their commitment to pursuing sustainable and innovative solutions to address global energy and environmental challenges.