Saudi Arabia and France have agreed to strengthen bilateral cooperation in the energy sector.
During a meeting between Prince Abdulaziz Bin Salman, minister of energy, and Catherine Colonna, the French minister of foreign affairs in Riyadh on Thursday, the two sides also discussed prospects of cooperation in peaceful uses of nuclear energy.
The two countries also signed a memorandum of understanding (MoU) to establish a framework for collaboration in the energy sector.
The agreement envisages bilateral cooperation in the fields of electricity, renewable energy, energy efficiency, energy storage, smart grids, oil and gas and their derivatives, refining, petrochemicals, and the distribution and marketing sectors.
The agreement will expand the two countries’ existing collaborations in technologies, with an aim to mitigate the effects of climate change, such as carbon capture, utilisation and storage (CCUS) in hard-to-abate sectors, and the production of hydrogen, as well as other technological innovations.
The MoU also promotes cooperation in digital transformation, localisation of materials, products and services in the energy supply chain.
It also covers joint research in universities, research centers and other forums, as well as building human capacity through training and exchanging of experience in the energy sector.
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