The Kingdom of Saudi Arabia and Germany signed a memorandum of understanding for cooperation in the field of hydrogen production and export .

The memorandum was signed by Saudi Energy Minister Prince Abdulaziz bin Salman, and Federal Minister for Economic Affairs and Energy in Germany, Peter Altmayer.

Energy Minister Prince Abdulaziz bin Salman said: "The Kingdom will be a pioneer in the field of hydrogen production and it has all the capabilities, and we have sources of hydrogen energy and all available opportunities."

He added, "We have abundant energy sources to produce green and blue hydrogen, and we also have the ingredients to lead the world in producing it."

He continued, "Hydrogen is a major source of energy, and there are great and promising opportunities for investments in the coming decades."

According to Minister Prince Abdulaziz bin Salman, the move comes within the framework of the strategic efforts to confront climate change by reducing emissions, and this was the main reason for Saudi Arabia's adoption of a circular carbon economy.

Last year, NEOM announced the signing of a partnership agreement with Air Products and ACWA Power, worth $ 5 billion, to build a plant for the production of hydrogen in an environmentally friendly manner, and to export it to the global market.

It is noteworthy that the project will be ready by 2025, as it will produce about 650 tons of green hydrogen per day and 1.2 million tons of green ammonia annually, thus contributing to the reduction of carbon dioxide emissions equivalent to 3 million tons annually.