- Press Releases
January 19 (Renewables Now) - Saudi Arabia's Public Investment Fund(PIF), South Korea's steelmaker POSCO (KRX:005490) and Samsung C&T Corp (KRX:028260) have teamed up to explore the development of a joint project for the production of green hydrogen with 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, state-owned Saudi Press Agency said. The partners will conduct a feasibility study with the aim of producing green hydrogen in Saudi Arabia for export purposes.
The initiative will support PIF's goal to make more investments in green hydrogen and is in line with Saudi Arabia's strategy to develop an economy based on carbon recycling and reach carbon neutrality by 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 as it offers the potential to produce renewable energy at the lowest costs worldwide.
The three companies have already worked together. PIF acquired a 38% interest in POSCO Engineering & Construction Co Ltd in 2015, while POSCO and Samsung last year agreed a service deal that includes the development of liquid nitrogen for the production and storage of green hydrogen.