POSCO Holdings Consortium to Build Green Hydrogen Plant in Oman
06.23.2023 By TankTerminals.com News - NEWS

June 23, 2023 [Pulse]- A global consortium led by South Korea’s POSCO Holdings Inc. will invest more than 8 trillion won ($6.15 billion) to build a large-scale green hydrogen plant in Oman.

 

POSCO Holdings announced Thursday that it signed an agreement with Oman’s state-run enterprise Hydrogen Oman LLC (Hydrom) to exclusively develop and produce green hydrogen in Duqm, a port town in central-eastern Oman, for the next 47 years.

Under the agreement, a consortium led by POSCO Holdings will construct a 5-gigawatt renewable energy complex on a site of 340 square kilometers in the Duqm economic zone to produce 220,000 tons of green hydrogen per year.

Construction of the plant and related equipment will begin in 2027 and be completed in 2030.

Six companies from three countries have joined the consortium – four Korean companies (Samsung Engineering Co., Korea Southern Power Co., and Korea East-West Power Co) and two companies each from France (Engie SA) and Thailand (PTT Exploration and Production Public Co.)

Green hydrogen has been receiving spotlight as an environmentally-friendly energy source as it uses energy produced from renewable energy to dissolve water. The cost for green hydrogen production is relatively cheap in the Middle East as the region has plenty of sunshine.

Industry insiders note that the latest deal was possible partly as the POSCO consortium proposed to import green hydrogen produced in Oman to Korea, which will allow Oman to secure a reliable buyer for the project.

The consortium plans to use part of the green hydrogen produced in Oman by compounding it with ammonia for use in hydrogen reduction steelmaking and clean, carbon-free electricity production.

POSCO Holdings, with the largest stake in the consortium, will lead the project, and Samsung Engineering will be in charge of engineering, procurement, and construction.

The project is part of POSCO Group’s goal to secure 7 million tons of hydrogen production system by 2050.

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

China's Natural Gas Production Surged in First Half of 2024
07.15.2024 - NEWS
July 15, 2024 [Oilprice]- China’s natural gas production increased by 6% in the first half of t... Read More
Fore Part of Hull Launches in China for ‘World’s Largest FPSO Unit’
07.15.2024 - NEWS
July 15, 2024 [Offshore Energy]- Chinese state-owned engineering company ZPMC has launched the fo... Read More
Stolthaven Terminals and GES to Operate Brazil’s First Green Ammonia Export Terminal
07.15.2024 - NEWS
July 15, 2024 [Storage Terminals Magazine]- Stolthaven Terminals, in collaboration with Global En... Read More
ADCC Pipeline Starts Delivering Gas to Cheniere’s Corpus Christi LNG Plant
07.15.2024 - NEWS
July 15, 2024 [LNG Prime]- The ADCC pipeline has started delivering natural gas to Cheniere’s C... Read More