South Korea’s POSCO and Samsung C&T are pushing forward with Saudi Arabia’s Public Investment Fund (PIF) to collaborate on a green hydrogen production business in Saudi Arabia.
At the “Korea-Saudi Smart Innovation Growth Forum” held at the Ritz-CarltonlHotel in Riyadh, Saudi Arabia on January 18 (local time), with South Korean President Moon Jae-in in attendance, POSCO signed an MOU with Samsung C&T and PIF to strengthen cooperation in the green hydrogen business.
Through the signing of this MOU, the three companies will jointly promote the production of green hydrogen based on renewable energy in Saudi Arabia.
They plan to select an economically excellent project site within the year and complete the project feasibility study.
By utilizing the capabilities possessed by the three companies, they decided to strengthen strategic cooperation to expand the hydrogen business value chain and revitalize the hydrogen economy of both countries.
In November of last year, POSCO and Samsung C&T signed a cooperation agreement on the green hydrogen business, including the development of overseas green hydrogen production facilities, the establishment of infrastructure for hydrogen storage and introduction, and the development of technology related to liquid hydrogen.
Meanwhile, POSCO is promoting the hydrogen business under the vision of becoming a global top 10 hydrogen producer producing a total of 7 million tons of hydrogen by 2050.
In the medium term, the company plans to invest 10 trillion won by 2030 to build a 500,000-ton hydrogen production system. To this end, it is building a global hydrogen supply chain centered on seven strategic countries and internalizing core technologies.
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