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Alliance to explore geothermal opportunities in Saudia Arabia and beyond

Alliance to explore geothermal opportunities in Saudia Arabia and beyond TAQA & RG announcement
Alexander Richter 17 May 2022

Saudia Arabian TAQA and Reykjavik Geothermal execute an Alliance to explore and identify opportunities for geothermal projects in the Kingdom of Saudi Arabia and possibly other regions.

During the PetroEnvironmnet Conference and exhibition 2022, Saudi Arabia-headquartered Industrialization and Energy Services Company (TAQA) announced the formation of a strategic alliance with Icelandic geothermal development company Reykjavik Geothermal, to explore and identify opportunities for geothermal projects in the Kingdom of Saudi Arabia and possibly other regions, in addition to activities related to geothermal projects such as, designing, drilling, constructing, monitoring, and managing geothermal wells.

Khalid Nouh – TAQA Chief Executive Officer said, “Partnering with RG, the best in class and internationally recognized company in the geothermal, baseload and clean/renewable energy fields is an important step to realizing TAQA 2021 strategy. Saudi Arabia is enriched by several types of geothermal resources specially at the western parts along the Red Sea coast, as such TAQA is actively seeking opportunities to contribute to the Kingdom’s Energy Transition, Decarbonatization, Saudi Green, and reducing carbon emissions to net zero by 2060 Initiatives. This alliance with RG will position TAQA as a leader and contributor in realizing the Saudi 2030 vision”.

In the words of RG’s Chief Executive Officer, Magnús Ásbjörnsson, “RG is thrilled to be partnering with TAQA to explore geothermal opportunities in the Kingdom of Saudi Arabia. We first came to the Kingdom over a decade ago with a vison of bringing clean, reliable baseload energy to the Kingdom, and in TAQA we have found a partner that aligns with our vison. RG truly believes that our combined expertise in the energy industry will pave the road to realizing the Kingdom’s geothermal potential and we look forward to collaborating on what are sure to be exciting projects in the near future.”

Source: Company release