The two entities to work closely to diversify the Kingdom’s economy
ENGIE, the leading provider of low-carbon energy services and solutions for integrated utilities management, recently signed a memorandum of understanding (MoU) with Saudi Arabia’s Public Investment Fund (PIF) for the joint development of green hydrogen projects and its derivatives in the Kingdom.
The MoU was signed by Frederic Claux, Managing Director, Flexible Generation and Retail, AMEA, ENGIE, and Yazeed Alhumied, Deputy Governor and Head of MENA Investments, PIF, paving the way for the two parties to explore opportunities to jointly develop projects for green hydrogen and derivatives production for export.
Robust foundations
“Our partnership with PIF will contribute to laying robust foundations for the green hydrogen industry, enabling the Kingdom to be one of the top exporters of green hydrogen worldwide,” affirmed Claux.
PIF and ENGIE are to evaluate the feasibility of co-development opportunity. Additionally, the two parties will jointly formulate a strategy to best approach the international market and secure offtake arrangements.
The MoU will enable ENGIE to work closely with PIF in Saudi Arabia in diversifying the Kingdom’s economy and to strengthen its global competitiveness in producing and supplying hydrogen and derivatives.
