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FinancialNews
02-02-23
Saudi Arabia releases initial license at OXAGON to NEOM Green Hydrogen
(MENAFN) Saudi Arabia’s Ministry of Industry and Mineral Resources on Tuesday released the first industrial license to NEOM Green Hydrogen Co. at OXAGON, as reported by the Saudi Press Agency.
It is an alike mutual project among NEOM, ACWA Power, as well as Air outputs.
It is part of the nation’s attempts to catalyze the worldwide hydrogen economy by becoming the world’s top hydrogen manufacturer while sustaining its place as a vital player in the energy industry.
The NEOM Green Hydrogen plant is estimated to start green hydrogen output utilizing renewables fully within the next 3 years (2026). It is going to output around 1.2 million tons of green ammonia yearly, or 600 tons of green hydrogen day to day. Green ammonia is going to be shipped to worldwide markets to back the decarbonization of the heavy transport industry.
It is forecasted that the plant is going to supply up to 5 million tons of CO2 yearly. When the plant commences functions at OXAGON in 2026, 100 percent of the green hydrogen are going to be able to be shipped to worldwide markets in the form of green ammonia, under an exclusive long-term deal with US-located Air Products Co.
MENAFN02022023000045014228ID1105513358
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