POSCO and Samsung C&T's construction division have launched a clean hydrogen project in Saudi Arabia in cooperation with the country's State Investment Fund.
On January 18, at the Saudi-Korean Investment Forum, POSCO signed a trilateral Memorandum of Understanding to enhance cooperation on green hydrogen projects with Samsung C&T and the South Korea State Investment Fund in the presence of President Moon Jae-in.
“Saudi Arabia, which can produce new and renewable energy at the lowest prices in the world, is an important region for POSCO, which plans to produce large amounts of hydrogen,” said Byeong-og Yu, head of industrial gases and hydrogen at POSCO . “We will successfully establish a hydrogen production model in Saudi Arabia and take the first place in the hydrogen business,” he added.
Under this Memorandum, the three companies will jointly promote a green hydrogen production project based on new and renewable energy sources in Saudi Arabia. First, they will select an economically ideal business location and complete a feasibility study this year. They then promised to expand strategic cooperation to expand the value chain of hydrogen projects and revitalize the hydrogen economy of both countries by leveraging the capabilities of the three companies.
In addition, in November last year, POSCO and Samsung C&T entered into a master agreement to service green hydrogen projects, including the construction of infrastructure for the development of foreign enterprises for the production of green hydrogen, as well as the storage and introduction of hydrogen, and the development of technologies related to liquid hydrogen.
POSCO is promoting hydrogen projects with the aim of becoming one of the world's top 10 players in the field of hydrogen production, producing a total of 7 million tons of hydrogen in 2050.