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Saturday, Aug 20, 2022

Saudi move to export electricity and hydrogen to Europe via Greece

Saudi move to export electricity and hydrogen to Europe via Greece

Saudi Arabia and Greece have agreed to form a technical team to carry out studies about the prospect of Saudi Arabia exporting electricity and hydrogen to Europe via Greece.
This proposal was contained in the joint statement issued by the two countries at the end of the two-day official visit of Crown Prince Mohammed Bin Salman to Greece.

The statement affirmed the distinguished and strong relations between the two countries and their common desire to upgrade them to a strategic level. The Crown Prince and Prime Minister Kyriakos Mitsotakis of Greece praised the strong partnership that binds the two countries and its development over the past years. They affirmed their determination to work to consolidate it for the benefit of the peoples of the two countries. The Crown Prince praised the support of the Greek government for the candidacy of the city of Riyadh to host the World Expo 2030.

The two sides signed a memorandum of understanding regarding the establishment of the Saudi-Greek Strategic Partnership Council, which will be chaired by Crown Prince Mohammed Bin Salman and Prime Minister Mitsotakis of Greece .The two sides stressed the importance of enhancing economic cooperation between the two countries, keeping pace with the objectives of the Kingdom’s Vision 2030 and the Greek National Recovery and Resilience Plan (Greece 2.0).

Saudi Arabia and Greece welcomed the signing of a number of agreements and memoranda of understanding between the private sectors of the two countries amounting to SR14 billion in the fields of energy, renewable energy, infrastructure, tourism, maritime transport and logistics, communications and information technology, healthcare, and food. The two sides welcomed the signing of a data cable project agreement aimed at strengthening the infrastructure for data transmission between Asia and Europe.

The two countries stressed the importance of strategic cooperation between them in a number of issues of common interest in the field of energy, including the generation of electricity using renewable energy, the establishment of the power grid, and the export of electricity, produced using renewable energy to Greece, and to Europe via Greece.

They underscored the significance of cooperation between the two countries in the field of clean hydrogen, including low-carbon hydrogen, green hydrogen, and its transfer to Europe. In this context, they highlighted the importance of the memorandum of understanding signed between the two countries in the field of energy and the formation of a joint technical team to carry out the necessary studies in the field of electrical interconnection and exporting electricity to Greece, as well as exporting electricity and hydrogen to Europe through Greece. A decision will be taken on the implementation of the project in line with the recommendations of the study at the earliest possible.

The two countries agreed to enhance cooperation in applying the circular carbon economy approach and its technologies; carbon capture, reuse, transport and storage, and direct carbon capture from the air, to reduce the effects of climate change. With regard to climate change issues, the two sides stressed the importance of adhering to the principles of the Framework Convention on Climate Change and the Paris Agreement, and the need to develop and implement climate agreements by focusing on emissions without sources.

Saudi Arabia reaffirmed its support for Greece's candidacy for non-permanent member of the United Nations Security Council for the period of 2025-2026. The two sides agreed to enhance multi-dimensional cooperation in the defense and security field, the statement pointed out.
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