Saudi Arabia: PIF, ENGIE to jointly develop hydrogen projects

Image: Engie

ENGIE, the French utilities giant that provides low-carbon energy services and solutions for integrated utilities management, has signed a memorandum of understanding (MoU) with Saudi Arabia’s Public Investment Fund (PIF).

This agreement paves the way for the two parties to explore opportunities to jointly develop projects for green hydrogen in the kingdom and look at derivatives production for export.

The MoU was signed by Frederic Claux, managing director, Flexible Generation and Retail, AMEA from ENGIE and Yazeed Alhumied, deputy governor and head of MENA Investments from PIF.

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.”

Do you know the different colors of hydrogen?
We often hear that hydrogen can be green, blue or even grey! But what are the differences between all these colors?
Their meaning is linked to their mode of production.
Explanations ? pic.twitter.com/n2FmNEK3LA

— ENGIE (@ENGIEgroup) June 28, 2023

Engie, PIF MoU to support Saudi Vision 2030 objectives

PIF and ENGIE will explore and evaluate the feasibility of co-development opportunities. Additionally, the two parties will jointly formulate a strategy to best approach the international market and secure offtake arrangements.

The MoU aims to enable the French company to work closely with PIF in Saudi Arabia towards diversifying the kingdom’s economy, which is within the objectives of the Saudi Vision 2030, and also strengthen its global competitiveness in producing and supplying hydrogen and derivatives.