Prince Abdulaziz bin Salman, Saudi Arabia's Minister of Energy, met with Gilberto Pichetto Fratin. Minister of the Environment and Energy, in Riyadh on Tuesday to explore potential collaboration in various energy sectors.

Following the meeting, the two ministers signed a memorandum of understanding (MoU) aimed at strengthening bilateral ties between the Kingdom and Italy, as reported by Reuters.

The MoU focuses on key areas such as improving the stability of oil and natural gas markets, reducing market volatility, and securing energy supply chains.

The agreement also emphasizes innovation and technology, particularly in hydrogen projects and solutions for climate change mitigation, including circular carbon economy initiatives and carbon capture, utilization, and storage. Furthermore, it highlights the importance of digital transformation, cybersecurity, and artificial intelligence in the energy sector.

Additional priorities outlined in the MoU include advancing engineering and construction initiatives aligned with the Paris Agreement and the 2030 Sustainable Development Agenda.

 Vital sectors covered by the MoU also include energy transformation, renewable energy, electrical interconnection, energy efficiency, geothermal energy, methane emissions reduction, and enhancing energy storage solutions, as well as oil, gas, and transitional fuels.