Italy And Saudi Arabia Discuss Expanding Cooperation In Oil, Gas and Mining

Italian and Saudi officials held an official meeting on Monday to discuss future partnerships and joint ventures in oil, mining and gas, as Italian Minister of Business Adolfo Urso traveled to Riyadh ahead of the COP28 international climate conference in Dubai, which officially begins on Thursday.

"Italy and Saudi Arabia are committed to developing a regulatory and industrial context that favors and accelerates strategic autonomy in the critical raw materials sector," Urso said in a press conference on Monday following dialogue with Khalid Al Salem, President of the Royal Commission for Jubail and Yanbu.

Though enhancing partnership in oil, gas and mining were "at the center of the conversation," Al Salem and Urso also discussed "the realization of investments in mutual industrial sectors of interest" including automotives, agriculture and green energy. Also present at Monday's meeting were representatives from the private sector including tire-maker Pirelli, consulting major Deloitte, as well as Poseidon LNG Hub and EuroPort.

The 2022 Russian invasion of Ukraine prompted major European economies to rapidly seek new sources of natural gas imports, with the oil-rich gulf nations serving as prime candidates. Russia was Italy's second largest LNG supplier in 2022, behind only Algeria.

A plan to boost Egypt's Europe-bound LNG exports has been beset by delays and shortages brought about by the war between Israel and Hamas, providing further incentive for major European economies to secure more diversified gas import destinations. Saudi Arabia's current LNG exports are primarily destined for Asian markets.

Adolfo Urso held similar talks on Sunday with Qatari representatives in Doha, where the two announced plans to organize a joint investment forum in May 2024.

COP28 will be held Thursday through Dec. 12, when international delegations will discuss further areas of cooperation in the energy sector.