Saudi PIF plans a green hydrogen project

Saudi Arabia’s Public Investment Fund signed an MoU with Korea’s Posco and Samsung C&T to develop a new green hydrogen production plant. 
The MoU’s main objective is to complete project feasibility for an export-oriented green hydrogen project, the PIF said in a statement.
The three-party MoU was signed during the Saudi-Korean Investment Forum held in Riyadh, which took place during the visit of the President of the Republic of Korea, to the Kingdom.
The cooperation between the three entities is set to contribute to a giant leap in the reduction of carbon emissions, as well as the transfer of knowledge and expertise between Saudi Arabia and South Korea.
This collaboration goes well with PIF’s 2021-2025 strategy, which aims to develop new and promising sectors, the PIF said.
Samsung C&T is a South Korean construction company that specializes in building, infrastructure, and plant businesses, while POSCO is the largest steel manufacturer in South Korea. PIF acquired a 38 percent stake in POSCO E&C in 2015, which is one of the affiliates of POSCO.
Additionally, POSCO and Samsung C&T signed a Master Service Agreement covering the technical development of liquid nitrogen for global green hydrogen production and storage in November 2021. POSCO promotes hydrogen production projects with the vision of becoming a top 10 global hydrogen producer, producing approximately 7 million tons of hydrogen in 2050 through initially targeting 0.5 million tons of hydrogen production.
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