Saudi Arabia, Italy Discuss Cooperation on Clean Energy

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has met in Rome with Italian Minister of Environment and Energy Security Gilberto Fratin in Rome. SPA
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has met in Rome with Italian Minister of Environment and Energy Security Gilberto Fratin in Rome. SPA
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Saudi Arabia, Italy Discuss Cooperation on Clean Energy

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has met in Rome with Italian Minister of Environment and Energy Security Gilberto Fratin in Rome. SPA
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has met in Rome with Italian Minister of Environment and Energy Security Gilberto Fratin in Rome. SPA

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has met in Rome with Italian Minister of Environment and Energy Security Gilberto Fratin to discuss strengthening cooperation in mining, sustainability, clean energy solutions, and attracting Italian investment to Saudi Arabia’s mining sector.

Alkhorayef highlighted the Kingdom's untapped mineral wealth, estimated at $2.5 trillion, and opportunities at all mining stages: exploration, exploitation, and processing. He said 80 years of geological data is accessible to investors on a digital platform to help facilitate informed investment decisions.

He also explored opportunities for enhanced cooperation and investment in renewable energy, focusing on the integration of the supply chain to meet local, regional, and global demand.

Alkhorayef welcomed the increased Italian business engagement in the Kingdom, and encouraged private sector participation in major development projects.
He invited Fratin to the Future Minerals Forum in Riyadh, in early 2025, anticipating significant Italian participation.



Türkiye Receives Waiver for Gas Payments to Russia from Gazprombank Sanctions

A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
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Türkiye Receives Waiver for Gas Payments to Russia from Gazprombank Sanctions

A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo

Türkiye has received an exemption for gas payments to Russia after the United States imposed sanctions on Gazprombank, Turkish Energy Minister Alparslan Bayraktar revealed in response to a question from Reuters.

The US imposed new sanctions on Russia's Gazprombank in November, creating an obstacle for buyers of Russian gas, which had been using the bank to make payments. They have since been seeking clarification and exploring other ways to pay.

Türkiye imports almost all its gas requirement and Russia is the top supplier, providing more than 50% of the country's pipeline imports.

Ankara's pipeline gas imports from Russia stood at 21.1 bcm last year.

Türkiye had requested an exemption in discussions with US officials so that it can continue paying for Russian natural gas imports via Gazprombank.

The US on Thursday also granted a waiver to Hungary, which mainly relies on Russian oil and gas.