Marubeni, PIF to explore green H2 production in Saudi Arabia

Japan’s Marubeni Corp (TYO:8002) on Thursday unveiled a Memorandum of Understanding (MoU) to study options for green hydrogen production in Saudi Arabia together with the Kingdom’s sovereign wealth fund.

The Japanese trading house and the Public Investment Fund (PIF) will aim to create a framework for the development of green and low-carbon hydrogen. For this purpose, they will conduct a feasibility study for producing the clean fuel and supply it both to domestic and international markets, Marubeni said.

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PIF, which last month raised USD 5.5 billion (EUR 5.2bn) to finance projects under its Green Finance Framework, is reported to be looking at investments in green energy projects exceeding USD 10 billion by 2026. Marubeni, meanwhile, is seeking to green all of its business segments as part of its mid-term management strategy.

Saudi Arabia, the world's biggest oil exporter, has pledged to cut its carbon emissions to net zero by 2060.

(USD 1.0 = EUR 0.944)