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GCC, UK Agree to Proceed with Free Trade Agreement This Year

Albudaiwi meets with UK Secretary of State for Business and Trade Jonathan Reynolds in London. (SPA)
Albudaiwi meets with UK Secretary of State for Business and Trade Jonathan Reynolds in London. (SPA)
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GCC, UK Agree to Proceed with Free Trade Agreement This Year

Albudaiwi meets with UK Secretary of State for Business and Trade Jonathan Reynolds in London. (SPA)
Albudaiwi meets with UK Secretary of State for Business and Trade Jonathan Reynolds in London. (SPA)

Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi said on Wednesday the GCC and United Kingdom are in agreement over the importance of proceeding towards finalizing negotiations for a free-trade agreement (FTA).

He added that the two parties will sign the agreement this year.

Albudaiwi met in London with UK Secretary of State for Business and Trade Jonathan Reynolds.

Albudaiwi said he sensed a strong interest from the new British government and a sincere desire to complete the negotiation rounds for the FTA. Reynolds expressed the desire to have the agreement signed before the end of 2024.

The officials discussed various topics of mutual interest, focusing on economic and trade relations between the GCC and the UK, and ways to boost and develop them.

Both sides aspired to accelerate the pace of FTA negotiations and hold regular meetings between senior officials to finalize its chapters and sign it this year. This is seen as a step to bolster cooperation and the strategic partnership between the GCC and the UK.

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Aramco, Gulf Cryo Cooperate in Testing Lower-carbon Hydrogen

The initiative will facilitate testing Aramco’s newly-developed technologies at pilot and pre-commercial scale. Photo: Aramco
The initiative will facilitate testing Aramco’s newly-developed technologies at pilot and pre-commercial scale. Photo: Aramco
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Aramco, Gulf Cryo Cooperate in Testing Lower-carbon Hydrogen

The initiative will facilitate testing Aramco’s newly-developed technologies at pilot and pre-commercial scale. Photo: Aramco
The initiative will facilitate testing Aramco’s newly-developed technologies at pilot and pre-commercial scale. Photo: Aramco

Saudi Aramco has signed an agreement with Gulf Cryo, a regional leader of end-to-end industrial gases and decarbonization solutions in the MENAT region, to conduct testing of lower-carbon hydrogen and carbon capture & utilization technologies under Saudi Arabian climate conditions enabling future commercial deployment.

The agreement underscores Aramco’s desire to develop a lower carbon emission future through investing in research and technology development, to support business growth and meet global energy demand while reducing scope 1 and scope 2 GHG emissions to net-zero by 2050 from its wholly own operated assets.

The initiative will facilitate testing Aramco’s newly-developed technologies at pilot and pre-commercial scale. The testing and assessment will be conducted at Gulf Cryo's newly established Applications and Technologies Center (ATC) at King Salman Energy Park (SPARK), a press statement said Thursday.

Aramco’s senior vice president of Technology Oversight and Coordination (TOC), Ali A. Al-Meshari, said: “This collaboration is important in advancing our early stage technologies to the next phase of development, which will help create local ecosystem for accelerating technology deployment leveraging in-kingdom talent and infrastructure.”

As for Gulf Cryo Vice Chairman, Eng. Abdel Salam Al Mazro, he said that “the project will leverage the capabilities of our Center to deliver groundbreaking lower-carbon hydrogen and decarbonization solutions, tailored to the unique needs of Aramco.”

In addition to driving technological advancements in decarbonization, this collaboration supports Saudi Arabia’s strategy to enhance localization and build local capabilities. The facility is planned to be ready for commissioning by the end of 2025, the statement added.