Engie, Saudi Arabia's PIF Sign MoU for Green Hydrogen Projects
Engie and Saudi Arabia's Public Investment Fund (PIF) have signed a significant memorandum of understanding (MoU) for joint development of green hydrogen projects and its derivatives in Saudi Arabia. The MoU, signed under the Neom project, aims to enhance energy transition and strengthen Saudi Arabia's global competitiveness in hydrogen production and supply.
Under the MoU, Engie and PIF will evaluate the feasibility of co-development opportunities and formulate a strategy for international market approach and offtake arrangements. The two parties will explore opportunities to develop projects for green hydrogen and derivatives production for export.
Frederic Claux, Managing Director of Engie, expressed pride in contributing to Saudi Arabia's energy transition and aspirations in the green hydrogen sector. The MoU enables Engie to work closely with PIF in diversifying Saudi Arabia's economy and strengthening its global competitiveness in hydrogen production and supply. The project aligns with Saudi Vision 2030 objectives, aiming to transform the Kingdom into a global leader in renewable energy.
The MoU between Engie and PIF marks a significant step towards Saudi Arabia's energy transition goals. The collaboration will explore green hydrogen production and export opportunities, contributing to the Kingdom's economic diversification and global competitiveness in the hydrogen sector.
Read also:
- chaos unveiled on Clowning Street: week 63's antics from 'Two-Tier Keir' and his chaotic Labour Circus
- Racing ahead in Renewable Energy Dominance: Changzhou, Jiangsu Pushes for Worldwide Renewable Energy Ascendancy
- Colorado's Proposition 112: A 2,500-Foot Fracking Buffer on the Ballot
- Renault Group to Discuss Decarbonization and Circular Economy Strategies at ChangeNow 2023 Event
