A consortium of South Korean companies seeks to build and operate a green hydrogen and ammonia production plant in the smart city “NEOM” that Saudi Arabia is building.
According to what was reported by the South Korean Yonhap News Agency, the cost of the project amounts to 6.5 billion dollars, and it is expected that the construction of the plant will begin in 2025 until 2029, and the plant will produce 1.2 million tons of green hydrogen and ammonia.
It is expected that 5 companies from the public and private sectors will sign a memorandum of understanding with the Saudi Public Investment Fund. To cooperate in a project to build a green hydrogen and ammonia production plant in line with the visit of Saudi Crown Prince Mohammed bin Salman to South Korea.
The five companies consist of Korea Electric Power Corporation, South Korea Energy Corporation, Korea Petroleum Corporation, POSCO Steel Corporation, and Samsung C&T.
This project includes the construction and operation of a green hydrogen and ammonia production plant for a period of 20 years, which covers an area of 396 thousand square meters in the Saudi city of Yanbu on the Red Sea coast.
South Korean companies plan to receive business information from the Public Investment Fund later this month and start initial feasibility studies. They will also hold consultations with the Public Investment Fund on feasibility studies and conditions for participating in the project during the first quarter of next year.