Saudi fund, POSCO, Samsung C&T to study green hydrogen manufacturing
- Saudi Arabia's Public Investment Fund(PIF), South Korea's steelmaker POSCO (KRX:005490) as well as Samsung C&T Corp (KRX:028260) have teamed up to discover the growth of a joint project for the production of green hydrogen with export purposes.
A memorandum of understanding in between the Kingdom's sovereign wide range fund and also the two business was signed on Tuesday on the sidelines of the Saudi-Korean Investment Forum in Riyadh, state-owned Saudi Press Agency said. The partners will certainly perform an expediency research study with the aim of creating green hydrogen in Saudi Arabia for export purposes.
The initiative will sustain PIF's objective to make more investments in green hydrogen and also is in line with Saudi Arabia's approach to create an economic climate based upon carbon recycling and reach carbon nonpartisanship by 2060, said the fund's replacement governor Yazeed bin Abdulrahman Al-Humaid.
According to Byeong-Og Yoo, head of POSCO's Industrial Gas and also Hydrogen device, Saudi Arabia is a key region for the South Korean firm as it supplies the potential to produce renewable energy at the most affordable costs worldwide.
The three firms have actually currently collaborated. PIF obtained a 38% interest in POSCO Engineering & Construction Co Ltd in 2015, while POSCO as well as Samsung last year agreed a service bargain that includes the development of fluid nitrogen for the production and also storage of green hydrogen.