ENGIE, the French utilities titan renowned for its provision of environmentally friendly energy services and solutions for comprehensive utilities management, has entered into a memorandum of understanding (MoU) with Saudi Arabia’s Public Investment Fund (PIF).
This accord sets the stage for the collaborative exploration of prospects. It aims to develop green hydrogen initiatives within the kingdom. Additionally, the accord considers the production of derivative products for export.
The MoU was formally executed by Frederic Claux, Managing Director of Flexible Generation and Retail for the AMEA region at ENGIE, and Yazeed Alhumied, Deputy Governor and Head of MENA Investments at PIF, according to Gulf Business.
Claux said,” The MoU will foster strategic partnership in developing green hydrogen projects in the kingdom. We, at ENGIE, are proud to contribute to driving the energy transition in the kingdom and achieving its aspirations and goals in the green hydrogen sector.”
“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.”
PIF and ENGIE will embark on a thorough exploration and assessment of potential collaborative development prospects. Furthermore, they will jointly devise a strategic plan to effectively penetrate the global market and secure agreements for the sale of their products.
The primary objective of the MoU is to facilitate a close partnership between ENGIE and PIF in Saudi Arabia. The partnership aims to diversify the kingdom’s economy in alignment with the goals outlined in the Saudi Vision 2030. Moreover, this collaboration seeks to enhance ENGIE’s international competitiveness in the production and distribution of hydrogen and its derivative products.
About Engie
Engie, a global leader in low-carbon energy and services, stands as a beacon of sustainability and innovation. Alongside its customers, partners, and stakeholders, Engie demonstrates a deep commitment to driving the transition towards a carbon-neutral world. Embracing the principles of reduced energy consumption and environmentally-friendly solutions, Engie strives to make a positive impact on both people and the planet.
At the core of Engie’s philosophy is their purpose, or “raison d’être,” which serves as an unwavering guiding force.
