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    PIF signs MoU with South Korea’s POSCO and Samsung C&T for green hydrogen production project


    January 19, 2022 - Gavin Davids

     

      Saudi Arabia’s Public Investment Fund (PIF) and South Korea’s POSCO and Samsung C&T Corporation Engineering and Construction Group have announced the signing of a three-party Memorandum of Understanding with the goal of developing a green hydrogen production project for export.

      In a statement, the three firms said that through participation in the green hydrogen project, they aim to enable the Kingdom’s strategy to play a leading role in the Low Carbon Hydrogen market, so as to support global efforts to build a more sustainable future through the reduction of carbon emissions.

      The statement added that the MoU encompasses joint collaborations to conduct feasibility studies, which is one of the conditions to signing the definitive agreements. The MoU was signed during the Saudi-Korean Investment Forum held in Riyadh.

      “PIF welcomes this collaboration with POSCO and Samsung C&T, which is in line with PIF’s intent to increase its investments in green hydrogen and other sustainability-linked projects. PIF plays a vital role in realising the Kingdom’s aim to achieve net-zero greenhouse gas emissions by 2060 and this partnership is a natural and significant extension to activities already underway” said Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF.

      Additionally, POSCO and Samsung C&T signed a Master Service Agreement covering technical development of liquid nitrogen for global green hydrogen production and storage in November 2021.

      “Samsung C&T is expanding its capability across the entire value chain from production to utilisation, by focusing on hydrogen at the centre of future energy. Samsung C&T will be a close partner to Saudi Arabia, with aims to help position the Kingdom to be one of the largest hydrogen exporters globally” said Oh Se-chul, the President and CEO of Samsung C&T Engineering & Construction Group.

      Samsung C&T is promoting eco-friendly energy solutions through preparing its green hydrogen business as part of its future growth plans. Samsung C&T will actively develop its international green hydrogen business using its experience on global renewable project execution and its extensive experience and presence in Middle East region, which is a core market for its green hydrogen business, and those of its customers.

      The collaboration integrates well with PIF’s 2021-2025 strategy, which aims to develop new and promising sectors, the statement added. Furthermore, the collaboration will contribute to the diversification of the Kingdom’s economy in line with vision 2030, following PIF’s unlocking of sustainable new sectors in Saudi Arabia, such as, renewable energy and waste management.

      POSCO promotes hydrogen production projects with the vision of becoming a top 10 global hydrogen producer, producing approximately 7 million tons of hydrogen in 2050 through initially targeting 0.5 million tons of hydrogen production with an investment of USD$8.39 billion up to 2030.

      “The Kingdom of Saudi Arabia has the potential to produce some of the lowest cost renewable energy in the world and is one of the most important countries for POSCO, which is planning to develop significant hydrogen production operations” added Yoo, Byeong-Og the Head of Industrial Gases and Hydrogen business unit of POSCO.

      Yoo continued to say: “We look forward to successfully establishing hydrogen production operations and support the industry’s growth in the Kingdom.”

      The MoU was signed by Yazeed A. Al-Humied, the Deputy Governor and Head of MENA Investments at PIF, Yoo, Byeong-Og, the Head of industrial gases and hydrogen business unit of POSCO, and Oh, Se-chul, the President and CEO of Samsung C&T Engineering & Construction Group, in the presence of a number of government representatives and other stakeholders including HRH Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, the Minister of Energy, His Excellency Moon, Sung Wook, Republic of South Korea’s Minister of Trade, Industry and Energy, and His Excellency Yasir O. Al-Rumayyan, Governor of PIF.

      The post PIF signs MoU with South Korea’s POSCO and Samsung C&T for green hydrogen production project appeared first on Middle East Construction News.

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