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RIYADH: Saudi utility giant ACWA Power has signed multiple agreements to export renewable electricity and green hydrogen to Europe, marking a major step in the Kingdom’s efforts to become a global clean energy hub. 

The deals, signed during an international workshop in Riyadh under the supervision of the Ministry of Energy, aim to build integrated systems for cross-border energy exports. 

The event, titled “Exporting Renewable Energy and Green Hydrogen,” underscores ������Ƶ’s strategic push to lead the India-Middle East-Europe Economic Corridor by leveraging its geographic position between East and West, the Saudi Press Agency reported. 

The agreements support the Kingdom’s target to generate 50 percent of its electricity from renewable sources by 2030 and to become the world’s largest exporter of green hydrogen, with plans to produce 1.2 million tons annually by the end of the decade. 

The SPA report stated: “The agreements and memoranda of understanding signed by ACWA Power at the workshop included a multilateral memorandum of understanding with leading European companies, including Italy’s Edison, France’s TotalEnergies, the Netherlands’ ZeroEurope, and Germany’s ENPW, to export electricity generated from renewable energy sources from the Kingdom to Europe, while assessing commercial potential and European market trends toward sustainable energy solutions.” 

ACWA Power also signed memoranduma of understanding with global leaders in electrical interconnection and high-voltage DC transmission technologies, including Italy’s CESI as an independent technical adviser, as well as Prysmian, GE Vernova, Siemens Energy, and Hitachi. The partnerships aim to develop advanced cross-border transmission corridors to enhance supply reliability and infrastructure efficiency.  

In collaboration with Germany’s EnBW, ACWA Power also launched the first phase of the Yanbu Green Hydrogen Hub, an integrated project designed to help meet global demand for low-emission energy. The facility is expected to begin commercial operations in 2030. 

The project will feature renewable electricity generation, water desalination, electrolysis units, hydrogen-to-ammonia conversion, and a dedicated export terminal. It is intended to support ������Ƶ’s ability to produce clean energy at competitive costs while meeting rising global industrial demand for sustainable energy solutions. 

The workshop and accompanying agreements highlight the Kingdom’s competitive advantages and reinforce its leadership in global energy transition efforts. The Ministry of Energy said the initiative supports ������Ƶ’s commitment to energy security, regional integration, and its Vision 2030 goals. 

With a net-zero emissions target by 2060, ������Ƶ is investing heavily in both green and blue hydrogen. ACWA Power and Saudi Aramco are spearheading several major projects, including a hydrogen venture in NEOM, to solidify the Kingdom’s role in the future hydrogen economy. 

SINGAPORE/BEIJING: Oil prices were little changed on Monday as traders assess the impact of new European sanctions on Russian oil supplies while they also worry about tariffs possibly weakening fuel demand as Middle East producers are raising output.

Brent crude futures dropped 10 cents to $69.18 a barrel by 8:55 a.m. Saudi time, after settling 0.35 percent lower on Friday. US West Texas Intermediate crude was at $67.33 a barrel, down 1 cent, following a 0.30 percent decline in the previous session.

The European Union approved on Friday the 18th package of sanctions against Russia over the conflict in Ukraine, which also targeted India’s Nayara Energy, an exporter of oil products refined from Russian crude.

Kremlin spokesperson Dmitry Peskov said on Friday that Russia had built up a certain immunity to Western sanctions.

The EU sanctions followed US President Donald Trump’s threats last week to impose sanctions on buyers of Russian exports unless Russia agrees to a peace deal in 50 days.

ING analysts said the lack of reaction showed the oil market is not convinced by the effectiveness of these sanctions.

“However, the part of the package likely to have the biggest market impact is the EU imposing an import ban on refined oil products processed from Russian oil in third countries,” the analysts led by Warren Patterson said.

“But clearly, it will be challenging to monitor crude oil inputs into refineries in these countries and, as a result, enforce the ban.”

Iran, another sanctioned oil producer, is due to hold nuclear talks in Istanbul with Britain, France and Germany on Friday, an Iranian Foreign Ministry spokesperson said on Monday. That follows warnings by the three European countries that a failure to resume negotiations would lead to international sanctions being reimposed on Iran.

In the US, the number of operating oil rigs fell by two to 422 last week, the lowest since September 2021, Baker Hughes said on Friday.

US tariffs on European Union imports are set to kick in on August 1, although US Commerce Secretary Howard Lutnick said on Sunday he was confident the United States could secure a trade deal with the bloc.

“US tariff concerns will continue to weigh in the lead up to August 1 deadline, while some support may come from oil inventory data if it shows tight supply,” IG market analyst Tony Sycamore said.

“It feels very much like a $64-$70 range in play for the week ahead.”

Brent crude futures have traded between a low of $66.34 a barrel and a high of $71.53 after a ceasefire deal on June 24 halted the 12-day Israel-Iran war.