Riyadh: French low-carbon vitality firm Engie has signed a memorandum of understanding with the Public Funding Fund for the joint growth of inexperienced hydrogen tasks and its derivatives in Saudi Arabia, exploring alternatives that contribute to enhancing the vitality transition inside the aims of the Saudi imaginative and prescient 2030.
The MoU was signed by Frederic Claux, Managing Director, Versatile Era and Retail, AMEA from ENGIE, and Yazeed Alhumied, Deputy Governor and Head of MENA Investments from PIF.
Claux stated: “The MoU between ENGIE and PIF will foster strategic partnership in creating inexperienced hydrogen tasks within the Kingdom.”
“Our partnership with PIF will contribute to laying sturdy foundations for the inexperienced hydrogen business, enabling the Kingdom to be one of many high exporters of inexperienced hydrogen worldwide,” Claux added.
PIF and ENGIE are to judge the feasibility of co-development alternative. Moreover, the 2 events will collectively formulate a technique to greatest method the worldwide market and safe offtake preparations.
The MoU will allow ENGIE to work intently with PIF in Saudi Arabia in diversifying the Kingdom’s financial system and to strengthen its world competitiveness in producing and supplying hydrogen and derivatives.