Saudi Arabia and Greece have entered into an agreement to strengthen ties for green hydrogen and clean energy during the official visit of Crown Prince Mohammed bin Salman, which took place before the Saudi-Greek Investment Forum.
The Crown Prince will also collaborate on implementing an electricity grid in south-west Europe, through Greece, to provide the continent with alternative energy sources. He announced that the collaboration would aim to “turn Greece into a hydrogen hub for Europe”, reportedly calling the sector a “game changer” for the two countries.
Under this announcement, reportedly, Saudi Minister of Energy Prince Abdulaziz bin Salman and Greek Minister of Foreign Affairs Nikolaos Georgios Dendias have signed an MoU, which sets a framework for cooperation in the fields of renewable energy, electrical interconnection, exporting electricity to Greece and Europe, clean hydrogen and its transfer to Europe.
The collaboration will focus on channelling energy efficiency across sectors, including the oil, gas, and petrochemical industry while adopting the circular economy approach to carbon and technologies to reduce the effects of climate change.
The two also signed an agreement to promote digital transformation and innovation in energy fields, including cyber security, while developing qualitative partnerships to localize materials, products, and services related to all energy sectors and their associated supply chains and technologies.
The two countries have also formed a Saudi-Greek Strategic Partnership Council. In data collaboration, Saudi Telecom Co. has partnered with Greek Telecom Co., the General Energy Co. of Greece, and Cyprus Telecom Co. to work on a submarine cable project.