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FinancialNews


  • 17-10-21

    Saudi Arabia’s energy company to dispatch liquid ammonia into market in 1Q of 2026

    (MENAFN)The CEO of Saudi Arabia’s energy company, ACWA Power stated that the company estimates construction work on its green hydrogen plant in NEOM to start in the first six months of 2022.

    Paddy Padmanathan was quoted as saying that “This is the first project of that scale and quite a lot of work had to be done for the first time. So, we are very much in it, and we are already in even doing some work in advance purchases of long lead items for construction. So, there is quite a lot of activity that is going on.”

    The official also estimated to see the financial closing of the project, a joint venture with NEOM Co. and American industrial gas company Air Products, arranged in the first half of the 2022. He added that the company hired financial firm Lazard to advise on the project.

    Padmanathan said “We are going to full construction as soon as we have achieved the financial closure. What we have already said is that we will be dispatching liquid ammonia into the market in the first quarter of 2026, so that’s already there.”

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