Saudi’s Acwa Power signed an MoU with Italian natural gas operator Snam to explore collaboration on a green hydrogen supply chain from Saudi Arabia to Europe, according to a statement. The two sides will be “evaluating the development of an ammonia import terminal in Italy to facilitate the delivery of green hydrogen through the SoutH2 Corridor.”

ICYMI– Member countries in the SoutH2 Corridor initiative, including Tunisia and Algeria, inkeda joint declaration of intent for the project last week.

Both Italy and Acwa may be eyeing Tunisia for green hydrogen: Acwa is exploring the development of a USD 6.2 bn renewables-powered hydrogen project, with a capacity of 200k tons, which will be exported to Europe via the SoutH2 Corridor. Italy’s Enel Green Power is reportedly working on a pilot project for green hydrogen production in Tunisia, Italian news agency Aki reported last week, citing Director of Enel’s Green Energy and Thermal Generation division Salvatore Bernabé.

ALSO- Saudi and Italy’s state export credit agency Sace signed an agreement that would see the latter invest USD 6.6 bn, to facilitate bilateral trade and investment, according to a statement.

Strong ties: Italy ranked as Saudi’s second-largest European trade partner in 2023 and tenth overall, with USD 10.8 bn in trade volumes, Asharq Alawsat reports. Saudi imports from Italy stood at USD 5.78 bn, while exports to the country were valued at USD 4.92 bn — including USD 737 mn in non-oil exports, the outlet said.

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