Roberto Cantone, the Italian ambassador to Saudi Arabia, stated that his nation was strengthening its cooperation with other gas-exporting countries in order to diversify its gas supply and attain independence from Russia.
In this sense, he emphasized that his nation was eager to build a long-term collaboration with a future source of hydrogen such as the Kingdom.
In remarks to Asharq Al-Awsat, Cantone noted that cooperation in the energy sector would include renewable energy sources and hydrogen, as the Kingdom is investing in the transition to carbon neutrality through its Saudi Green Initiative and Italy has extensive experience in all types of renewable energy sources.
The Italian envoy emphasized that the Saudi-Italian political discussion was intended to address pertinent international issues within the context of G20 cooperative action and security issues that impact both countries in the Mediterranean and Middle East. In this regard, he referred to the strategic dialogue pact signed by Saudi Foreign Minister Prince Faisal bin Farhan and his Italian counterpart Luigi Di Maio last year.
“Italy has always imported oil from the Kingdom at an estimated level. In general, 80 percent of Italian imports are oil and petrochemical products, while many Italian companies support Saudi Aramco’s operations at various levels,” he told Asharq Al-Awsat. He noted that Saudis were interested in Italian-made products, such as food, fashion and interior design.
Cantone stated that infrastructure was an additional extremely vital area of collaboration.
As part of the investments envisaged under Saudi Vision 2030, he stated that numerous Italian construction firms were bidding for government tenders to establish giga-projects and Saudi projects in the field of sustainable mobility and connectivity.
Regarding Saudi Arabian imports, the diplomat stated that the direction of the oil industry determined the direction of the stock market. He stated that imports decreased during the pandemic, but emphasized that the economy is currently on the mend, with imports expected to reach 4,8 billion euros in 2021, up from 2,9 billion euros in 2020.
Despite the coronavirus pandemic, the level of trade exchange remained essentially unchanged, amounting to 3.1 billion euros in 2020 and 3.3 billion euros in 2021, according to Cantone. He added that last year, the total balance was in favor of the Kingdom, and that it is likely to remain the same in 2022, given the current high price per barrel of oil.
“Our bilateral relationship is also based on an important economic partnership, taking into account the number of Italian firms that show a tangible interest in Vision 2030 and invest in the Kingdom by opening branches or new companies,” the ambassador remarked.
