South Korean companies to build $1 bln green hydrogen plant in UAE

Korea Electric Power

03/06/2022 08:32

DUBAI, June 3 (Reuters) - Three South Korean companies have
signed an agreement to build a $1 billion green hydrogen and
ammonia production plant in the United Arab Emirates, their UAE
partner said on Friday.
    Korea Electric Power Corporation  015760.KS , Samsung C&T
Corporation  028260.KS  and Korea Western Power, alongside the
UAE's Petrolyn Chemie, will build a plant that can produce up to
200,000 tonnes of green ammonia a year, Petrolyn said.
    Green hydrogen - obtained by passing renewably-produced
electricity through water to split the element from oxygen - has
been touted by some as a key fuel for energy users looking to
cut greenhouse gas emissions.
    Both the UAE and neighbour Saudi Arabia have set out
ambitious plans for hydrogen, amid a deepening economic rivalry
between them.
    The plant will be built in two phases in the KIZAD
Industrial Area near the capital Abu Dhabi, with the first phase
producing 35,000 tonnes before the second phase takes the
project to full scale.
    "Participating companies will achieve their respective
Net-Zero vision through the Project. They are expected
to...expand the drive of future growth in the global green
hydrogen market by expanded reproduction of their future
business model," Petrolyn said.

 (Reporting by Yousef Saba; Editing by Kirsten Donovan)
 ((Yousef.Saba@thomsonreuters.com; +971562166204; https://twitter.com/YousefSaba))