POSCO and the construction division of Samsung C&T promote a green hydrogen production project in Saudi Arabia in collaboration with the country’s Public Investment Fund (PIF).
The three parties will co-promote the green hydrogen production project based on new and renewable energy in Saudi Arabia through this MOU. First, they will select an economically ideal business site and complete a feasibility review this year. Then, they have promised to enhance strategic collaboration for expanding the hydrogen project value chain and vitalizing the hydrogen economies of both countries by utilizing the capabilities of the three companies.
Saudi Arabia, which can produce new and renewable energy at the lowest prices globally, is an important region to POSCO, which is planning to produce large amounts of hydrogen. Last November, POSCO and Samsung C&T concluded a master service agreement for green hydrogen projects, including the construction of infrastructure for the development of overseas green hydrogen production facilities.
Byeong-og Yoo, Head of Industrial Gases & Hydrogen Business Unit at POSCO, said, “We will successfully establish a hydrogen production model in Saudi Arabia and take an early lead in the hydrogen business.”
Se-cheol Oh, CEO at the Samsung C&T division, added, “Samsung C&T will be a great partner in the process, whereas Saudi Arabia, the world’s biggest crude oil exporter, will become the world’s biggest hydrogen exporter.”
Yazeed Alhumied, Vice President of PIF, commented, “This partnership will become an important and well-suited extension of activities that are currently underway.”