January 19 (Renewables Now) – Saudi Arabian Public Investment Fund (PIF), South Korean steelmaker POSCO (KRX:005490) and Samsung C&T Corp (KRX:028260) have teamed up to explore joint project development production of green hydrogen energy for export purposes.
A memorandum of understanding between the Kingdom’s sovereign wealth fund and the two companies was signed on Tuesday on the sidelines of the Saudi-Korean investment forum in Riyadh, the Saudi Press Agency reported. The partners will conduct a feasibility study with the aim of producing green hydrogen in Saudi Arabia for export.
The initiative will support the PIF’s goal of making more investments in green hydrogen and is part of Saudi Arabia’s strategy to develop an economy based on carbon recycling and achieve carbon neutrality. 2060, said the fund’s deputy governor, Yazeed bin Abdulrahman Al-Humaid.
According to Byeong-Og Yoo, head of POSCO’s industrial gas and hydrogen unit, Saudi Arabia is a key region for the South Korean company because it offers the potential to produce renewable energy at the lowest costs in the world. the world.
The three companies have already worked together. PIF acquired a 38% stake in POSCO Engineering & Construction Co Ltd in 2015, while POSCO and Samsung last year entered into a service agreement that includes the development of liquid nitrogen for hydrogen production and storage. green.