S.Korean firms to agree to build hydrogen plant in Saudi Arabia - sources

Korea Electric Power

17/11/2022 24:45

SEOUL, Nov 17 (Reuters) - Korea Electric Power Corp
 015760.KS  and other firms are signing a memorandum of
understanding with Saudi Arabia's Public Investment Fund to
build and operate a green hydrogen and ammonia production plant
in Saudi Arabia, three sources said on Thursday. 
    The agreement coincides with Saudi Arabian Crown Prince
Mohammed bin Salman's visit to South Korea. 
    The plant project, spanning 396,694 square metres in Yanbu,
Saudi Arabia to be built in 2025-2029 and operated for 20 years,
is expected to produce 1.2 million tonnes of green hydrogen and
ammonia annually and worth about $6.5 billion dollars, Yonhap
news agency reported, citing industry sources. 
    One of the three sources confirmed the estimated amount. The
sources declined to be identified as they were not authorised to
speak to media. 
    Korea Electric Power Corp (KEPCO), Korea Southern Power,
Korea National Oil Corporation, POSCO Holdings  005490.KS  and
Samsung C&T  028260.KS  are among the firms signing the initial
agreement, Yonhap said. 
    KEPCO said it will make an announcement later on Thursday.
Korea National Oil Corporation did not have an immediate
comment. POSCO Holdings declined comment. Korea Southern Power
and Samsung C&T could not be immediately reached.
 (Reporting by Joyce Lee; Editing by Christopher Cushing)
 ((joyce.lee@tr.com;))