ACWA Power: NEOM will push KSA to the forefront of green hydrogen production

(NEOM/Callie Chee)
(NEOM/Callie Chee)
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Updated 14 January 2021

ACWA Power: NEOM will push KSA to the forefront of green hydrogen production

ACWA Power: NEOM will push KSA to the forefront of green hydrogen production
  • Chairman of ACWA Power Mohammad A. Abunayyan noted that the project is now in its early stages, with completion expected by 2025

DUBAI: The Chairman of ACWA Power Mohammad A. Abunayyan has said that a new hydrogen project partnership with NEOM and Air Products will lead to Saudi Arabia being at the forefront of green energy production and exports.

In an interview with Asharq News, Abunayyan said “NEOM city enjoys a strategic location for renewable energy, especially with wind and solar energy, which will enable the joint venture to convert renewable energy into green hydrogen with new technology for the first time.”

He added that the new technology “will be utilized in the supply chains of the NEOM project, and will be the beginning of the Kingdom’s green energy leadership in the world.”

The chairman noted that the project is now in its early stages, with completion expected by 2025. “This project does not only benefit NEOM but the whole world, as its green energy products will be exported everywhere.”

In July 2020, Air Products, in conjunction with ACWA Power and NEOM, announced the signing of an agreement for a $6 billion world-scale green hydrogen-based ammonia production facility powered by renewable energy. The planning and design phases are currently underway to start construction in the industrial zone.

This joint venture is the first step for the NEOM region to become a key player in the global hydrogen market. The business is expected to build an environmentally-friendly hydrogen production facility to provide sustainable solutions for the global transport sector and to meet the challenges of climate change.

The project, which will be equally owned by the three partners, will export hydrogen to the world market for use as a biofuel that feeds transportation systems.

It will produce 650 tons per day of carbon-free hydrogen and 1.2 million tons of green ammonia per year, reducing carbon dioxide emissions by the equivalent of 3 million tons per year.
 


8 things to watch on Tadawul today

8 things to watch on Tadawul today
Updated 25 January 2021

8 things to watch on Tadawul today

8 things to watch on Tadawul today

Here are a few things you need to know as Saudi stocks start trading on Monday.

  1. Almarai’s consolidated net profit after Zakat and tax jumped 10% to SAR 1.984 billion for the fiscal year 2020.
  2. Saudi Electricity Co.’s (SEC) shareholders approved a seven-year syndicated Murabaha facility worth SAR 3 billion, to be secured from National Commercial Bank (NCB).
  3. Al Moammar Information Systems Co.’s (MIS) board of directors approved the establishment of a limited liability company with 100% ownership.
  4. Saudi Pharmaceutical Industries & Medical Appliances Corp (SPIMACO) received a letter from the Arabian Medical Products Manufacturing Co. (ENAYAH), stating that its warehouse in the second Industrial City in Riyadh had a fire incident on Jan. 16, 2021.
  5. Zahrat Al Waha for Trading Co. signed a loan contract with the Saudi Industrial Development Fund (SIDF) valued at SAR 12.65 million.
  6. Al-Babtain Power and Telecommunication Co. will distribute dividend for FY2020, starting Feb. 9, 2021.
  7. Alhayat Medical Clinics (HMC) appointed Alinma Investment Co. as financial advisor for its planned initial public offering (IPO) on Nomu Parallel Market.
  8. Brent crude on Monday declined 69 cents to reach $55.41 per barrel. WTI crude also decreased 86 cents to reach $52.27/bbl.