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Acwa Power, Air Products, Aramco sign $12bn Saudi hydrogen and power project deal

Saudi Aramco and three other partners have concluded an agreement for a $12bn project that will produce hydrogen and power in the kingdom’s southern city of Jazan as the world’s biggest oil exporter forges ahead with clean energy.  Aramco has a 20% stake in the joint venture through its unit Saudi Aramco Power Co., it said. Air Products owns 46%, ACWA Power 25% and Air Products Qudra 9%. The joint venture was first announced in 2018.

Saudi Arabia’s planned zero-carbon city Neom in July 2020 formed a joint venture with Air Products and ACWA Power to create a $5 billion green hydrogen project, which is expected to produce about 1.2 million mt/year of ammonia by 2025.

Neom city will require a “multiple” of the 4 GW of renewable energy planned in the joint venture with Air Products as hydrogen will provide the basis for clean feedstock used in the production of fertilizers, chemicals and oil derivatives, Peter Terium, Neom’s head of energy, told S&P Global Platts earlier this year.

Read the full story at Utlilities Middle East