POSCO and Samsung C&T of South Korea are collaborating on a green hydrogen production enterprise with Saudi Arabia’s Public Investment Fund (PIF).
POSCO inked an MOU with Samsung C&T and PIF to strengthen cooperation in the green hydrogen business during the ‘Korea-Saudi Smart Innovation Growth Forum’ hosted at the Ritz-Carlton Hotel in Riyadh, with South Korean President Moon Jae-in in attendance.
The three companies will work together to promote the production of green hydrogen in Saudi Arabia
The three companies will work together to promote the production of green hydrogen in Saudi Arabia using renewable energy. They intend to find an economically viable project site and finish the project feasibility study within the year.
It was decided to increase strategic cooperation by leveraging the expertise of the three companies to develop the hydrogen business value chain and rejuvenate both countries’ hydrogen economies.
POSCO is promoting the hydrogen business intending to become one of the top ten hydrogen producers in the world by 2050, with a total production capacity of seven million tonnes of hydrogen.