Saudi Arabia and Greece Working on Supplying Energy to Europe

6 mins read

Saudi Arabia and Greece have started collaborating strategically on a number of subjects of shared interest, such as producing power from renewable sources and exporting that electricity to Greece and the rest of Europe.

Additionally, the two nations decided to work together to transmit clean hydrogen to Europe, including low-carbon and green hydrogen.

At the conclusion of Crown Prince Mohammed bin Salman’s two-day trip to Greece, the two nations released a joint statement.

The statement emphasized the value of the energy-related memorandum of understanding that the two nations inked. It also praised the creation of a joint technical team for electrical connectivity and electricity export to Greece in order to conduct the required research and launch the appropriate implementation as soon as feasible.

In order to lessen the consequences of climate change, the two sides decided to increase their collaboration in the circular carbon economy concept and related technologies, including carbon capture, reuse, transfer, and storage and carbon direct air capture.

The development of clean technologies to use hydrocarbon resources in a variety of applications in the industrial and construction sectors as well as cooperation in energy efficiency and the exchange of knowledge, experiences, and best practices in innovation and emerging technologies like artificial intelligence were also agreed upon.

The Paris Agreement and the principles of the Framework Convention on Climate Change were emphasized by the two parties as being crucial in regards to climate change challenges.

By concentrating on emissions without sources, they claimed that it is essential to create and enforce climate accords.

Additionally praising the Middle East Green Initiative and the Saudi Green Initiative, Greece reaffirmed its support for Saudi Arabia’s initiatives to combat climate change and reduce emissions.

Saudi Arabia applauded Greece’s ambitious environmental program, particularly the islands’ push for a green economy.

The two nations decided to increase their commercial exchange of petrochemicals, petroleum products, and crude oil.

The two sides agreed to enhance multi-dimensional cooperation in defense and security based on the results achieved within the framework of the bilateral comprehensive military cooperation agreement that was signed during this visit.

The agreement provides a comprehensive framework for establishing more cooperation in defense to enhance security and stability in both countries and the entire region.

The statement stressed the importance of enhancing economic cooperation between the two countries by aligning the objectives of Vision 2030 and the Greek National Recovery and Resilience Plan (Greece 2.0).

They also affirmed their keenness to support investment integration opportunities between the two countries in several sectors of common interest.

The two sides praised the signing of the agreement to encourage and protect mutual investment in their belief in the private sector’s vital role in achieving the ambitious investment programs.

The two sides renewed their determination to encourage investment partnerships between the private sectors in the two countries, enhance joint work and coordination by providing facilities, and find solutions to any challenges the private sector may face by strengthening investment and trade exchange.

They highlighted the fruitful results of the 5th session of the Saudi-Greek Joint Committee in Athens in May 2022, the Saudi-Greek Business Council, and the results of the Saudi-Greek Investment Forum in May 2022 in Athens.

During the visit, they praised the round table meeting between the Saudi and Greek companies.

The two sides welcomed the signing of several agreements and MoUs between the private sectors, amounting to about SR14 billion in energy, renewable energy, infrastructure, tourism, maritime transport and logistics, communications and information technology, health care, and food.

The agreement to build a data cable was hailed by both parties as it would improve the infrastructure for data transfer between Asia and Europe.

Later, during the dinner banquet held by the Greek Prime Minister Kyriakos Mitsotakis at the Acropolis Museum in Athens, Crown Prince Mohammed bin Salman was present.

The signing of a memorandum of understanding between the two nations for collaboration in the cultural sphere was observed by the crown prince and the prime minister of Greece.

The Acropolis Museum’s collection of relics and ancient treasures was explained to the Crown Prince during his tour of the facility.

the source utilized while creating the news: Asharq Al-Awsat

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