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Italy’s Eni and Saudi Acwa Power sign accord to develop green hydrogen project

Italy’s Eni  and Saudi Acwa Power  signed  a Memorandum of Understanding (MoU) to jointly develop a green hydrogen project in the Middle East and Africa at the Investment Forum between Italy and Saudi Arabia in Milan, the Reuters reported.

At the same event, held as Italy and Saudi Arabia struck a deal to boost investment  Acwa Power also struck an MoU with regional utility A2A  and electrodes maker De Nora  to cooperate on green hydrogen.

Italy and Saudi Arabia are in talks about a potential Saudi investment in Rome’s new strategic fund , Italy’s Industry Minister Adolfo Urso said on Monday, as the two signed a deal to forge closer economic relations, particularly in energy.

The “Made in Italy” fund, which was approved in May, will have an initial endowment of 700 million euros ($756 million) in 2023 and an additional 300 million next year in state cash.

Sources have previously told Reuters that Italy’s Prime Minister Giorgia Meloni is courting sovereign wealth funds to increase the fund’s firepower. The scheme would support Italian companies operating in key supply chains, while also aiming to boost procurement and reuse of “critical raw materials”. 

Photo of Acwa Power

Source https://is.gd/AcGXRj

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