French Finance Minister Bruno Lemaire stated that France plans to cooperate with Saudi Arabia in various sectors, including green hydrogen and batteries with the necessary investment. He said that on the sidelines of the 2nd day of Future of Investment Initiative (FII) conference. The 4th Future Investment Initiative (FII) was held under the theme of “The Neo-Renaissance” in Riyadh, Saudi Arabia from January 27-28, 2021.
Prince Abdulaziz bin Salman, the Kingdom’s Minister of Energy, stated that Saudi Arabia has been working with several countries on developing both green and blue hydrogen. He said that half of the country power sector fuel would be switched to natural gas while the remaining would be satisfied through renewables.
Saudi Arabia has been trying to diversify its economy as the outlook for oil demand remains pessimistic. The Kingdom has been under pressure due to subdued oil prices and low production, widening its fiscal deficit.
The country aims to be the leading exporter of hydrogen and luring investors to utilise its resources. Thyssenkrupp, a German steelmaker, plans to install a 20 MW alkaline electrolyser prototype to produce green hydrogen and ammonia in Neom, Saudi Arabia.
NEOM, which was announced in 2017, aiming to diversify the economy with several zones, including industrial and logistics, is partly be completed by 2025. In January 2021, Saudi crown prince, Mohammed bin Salman, revealed infrastructure plans of $100 – $200 billion for Neom.