Japan’s Marubeni, PIF discuss clean hydrogen production in ‎Saudi Arabia

The Japanese Marubeni Trading Company said today, Thursday, that it has agreed with the Public Investment Fund to study clean hydrogen production in the Kingdom, at a time when Riyadh is exploring clean energy to reduce its dependence on oil.

According to Reuters, the kingdom, a leading oil producer and a key member of the Organization of the Petroleum Exporting Countries (OPEC), is looking to add other types of energy sources, including clean fuels and renewable energy sources, to diversify its economy.

Marubeni said that it had agreed with the Public Investment Fund, a pivotal part of the kingdom’s quest to reduce its dependence on oil, to conduct a feasibility study to produce clean hydrogen for the domestic and international markets.

The Public Investment Fund, which manages more than $600 billion in assets, said last year that it plans to invest more than $10 billion in green projects by 2026, including renewable energy, clean transportation and sustainable water management.

Saudi Arabia plans to reach net zero emissions by 2060, also by developing carbon capture and storage centers, and may advance the target date if technology allows.