The Public Investment Fund (PIF), POSCO and Samsung C&T Corporation Engineering & Construction Group today announced the signing of a three-party MoU with the goal of developing a project to produce green hydrogen for export.
The MoU was signed during the Saudi-Korean Investment Forum, held in Riyadh.
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 Prince-minister of Energy Abdulaziz bin Salman bin Abdulaziz, Moon Sung Wook, South Korea’s Minister of Trade, Industry and Energy, and Yasir O. Al-Rumayyan, Governor of PIF.
Through participation in the green hydrogen project, the three parties aim to enable the Kingdom’s strategy to play a leading role in the Low Carbon Hydrogen market to support global efforts to build a more sustainable future through the reduction of carbon emissions.
The MoU encompasses joint collaborations to conduct feasibility studies, which is one of the conditions to signing the definitive agreements.
“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 realizing 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”
Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments, at PIF remarked.
“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” Yoo, Byeong-Og the Head of industrial gases and hydrogen business unit of POSCO remarked.
“We look forward to successfully establishing hydrogen production operations and support the industry’s growth in the Kingdom,” he added.
“Samsung C&T is expanding its capability across the entire value chain from production to utilization, by focusing on hydrogen at the center 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” Oh Se-chul, the President and CEO of Samsung C&T Engineering & Construction Group, elaborated.
Such a collaboration integrates well with PIF’s 2021-2025 strategy, which aims to develop new and promising sectors. In addition, the collaboration will contribute to the diversification of the Kingdom’s economy in line with vision 2030 following PIF’s successful unlocking of sustainable new sectors in Saudi Arabia, such as, renewable energy and waste management.
More information can be found at www.pif.gov.sa
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