The French company Total Energies announced the strengthening of its cooperation with the Saudi company ACWA Power in light of an important development in the renewable energy sector.

According to statements by Patrick Pouyanne, Chairman and CEO of Total, the company plans to expand the scope of its participation in renewable energy projects in the Kingdom, and is also looking into establishing integrated petrochemical projects.

This step comes in light of Saudi Arabia’s focus on attracting major investments. To support its ambitious plan in the field of renewable energy.

Prince Abdulaziz bin Salman, the Saudi Minister of Energy, announced at the “Saudi Green Initiative” forum a plan to launch projects with a production capacity of up to 20 gigawatts by 2024. ACWA Power owns the lion’s share of 70% of these projects.

In a related context, during an interview conducted with him on the sidelines of the Qatar Economic Forum, Pouyani confirmed that Total is pursuing an integrated strategy in the Middle East that focuses on investing in projects that combine gas and renewable energy, referring to existing projects in the Sultanate of Oman and Iraq.

In a step that reflects this strategy, Total, in cooperation with OQ, announced the establishment of a “marina” for liquefied natural gas, with a participation of up to 80% of the French company.

The new project in the Sultanate includes several components, including the production and liquefaction of natural gas, in addition to the generation of renewable energy. Which strengthens Total’s position as a major player in the global energy market.