Saudi Energy Minister, US Secretary of Energy Sign Roadmap for Cooperation

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with the US Secretary of Energy. SPA
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with the US Secretary of Energy. SPA
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Saudi Energy Minister, US Secretary of Energy Sign Roadmap for Cooperation

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with the US Secretary of Energy. SPA
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with the US Secretary of Energy. SPA

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with US Secretary of Energy Jennifer M. Granholm.

Within the context of the Partnership for Advancing Clean Energy Agreement, signed by the Kingdom and the US in Jeddah on July 15, 2022, the Ministers discussed ways to enhance cooperation between the two countries in various energy fields, including carbon management, clean hydrogen, nuclear energy, electricity and renewables, innovation, energy sector supply chain resilience, and energy efficiency.

During Wednesday’s meeting, the two Ministers also addressed the Kingdom's efforts to tackle climate change through local and regional initiatives based on Circular Carbon Economy, including the “Saudi Green Initiative” and the “Middle East Green initiative.”

After the meeting, they signed a roadmap for cooperation in the field of energy between Saudi Arabia and the US.

The roadmap represents the joint implementation plan for energy cooperation, under the Partnership Framework for Advancing Clean Energy signed between the two countries in Jeddah on July 15, 2022, and sets a timeline that outlines critical projects for collaboration.

Both sides have agreed to implement the roadmap through several workstreams, including exchanging knowledge on policies in the areas covered by the roadmap, including policies related to standards and regulatory frameworks, enhancing joint research and development, especially in the field of new technologies, and building human capital through training and exchange of expertise.

The partnership framework covers cooperation in various fields and projects including clean energy, clean hydrogen, Circular Carbon Economy, Carbon Capture, Utilization and Storage technologies, clean cooking solutions, emissions reduction, research and development, and clean electricity generation technologies. The partnership framework also allows for further cooperation in other areas, in alignment with both countries' policies, laws, and international commitments.



Fitch Revises Italy's Outlook to 'Positive' on Stronger Fiscal Performance

Porta Nuova's financial district is seen in downtown Milan, Italy, May 16, 2018. REUTERS/Stefano Rellandini/File Photo Purchase Licensing Rights
Porta Nuova's financial district is seen in downtown Milan, Italy, May 16, 2018. REUTERS/Stefano Rellandini/File Photo Purchase Licensing Rights
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Fitch Revises Italy's Outlook to 'Positive' on Stronger Fiscal Performance

Porta Nuova's financial district is seen in downtown Milan, Italy, May 16, 2018. REUTERS/Stefano Rellandini/File Photo Purchase Licensing Rights
Porta Nuova's financial district is seen in downtown Milan, Italy, May 16, 2018. REUTERS/Stefano Rellandini/File Photo Purchase Licensing Rights

Global credit ratings agency Fitch on Friday revised its outlook on Italy to 'positive' from 'stable', citing recent improvements in the fiscal performance of the euro zone's third largest economy and its commitment to EU budget regulations.
The upgrade to the outlook is a boost to Prime Minister Giorgia Meloni's government and comes shortly after Rome reached an agreement with the European Commission on a seven-year budget adjustment, said Reuters.
"Italy's fiscal credibility has increased, and the 2025 budget underscores the government's commitment to EU fiscal rules," Fitch said in a statement.
The agency confirmed Italy's rating at 'BBB'.
In June, the Commission placed Italy and six other countries under a disciplinary procedure due to high budget deficits. Italy's 2023 shortfall came in at 7.2% of gross domestic product, the highest in the 20-nation euro zone.
However, last month the Italian government revised down its targets for the deficit this year and next, to 3.8% and 3.3% of GDP respectively, and said the deficit would fall below the EU’s 3% limit in 2026.
"The judgments of the ratings agencies are the result of the responsible actions of this government and they underscore Italy's credibility," Economy Minister Giancarlo Giorgetti said in a statement after Fitch's announcement.
Earlier on Friday, S&P Global confirmed its rating on Italy at 'BBB' and left the outlook at 'stable'.
RISING DEBT
Despite the narrowing annual budget deficits, Italy's debt, proportionally the second highest in the euro zone, is forecast by the government to climb from 134.8% of gross domestic product last year to 137.8% in 2026, before gradually declining.
The Treasury says the projected increase is due to costly home renovation incentives adopted during the COVID-19 pandemic, known as the Superbonus scheme.
The premium investors pay to hold Italian government bonds over top-rated German ones narrowed on Friday to around 116 basis points, the lowest level since end-2021.
Analysts said earlier this week that positive news from any of the ratings agencies due to review Italy could trigger a further narrowing of the yield spread against Germany.
Fitch said its revision to Italy's outlook was also driven by "signs of stronger potential growth and a more stable political context."
The Italian economy expanded by 0.7% in 2023, and most analysts expect a similar modest growth rate this year, slightly below the government's official 1% target.
Meloni, who took office two years ago, retains high approval ratings and opinion polls show her right-wing Brothers of Italy party is comfortably the largest in Italy, with popular support of almost 30%, up from the 26% it won at the 2022 election.
Italy faces further credit rating reviews by Moody's, DBRS and Scope Ratings over the next few weeks up to No. 29.